Hilton Grand Vacations Reports an In-Line Quarter
Skift Take
Hilton Grand Vacations reported a relatively in-line quarter. Plus, more hotel deal and development news.
The DJIA fell 330 points while Nasdaq was down 7, the S&P 500 fell 24 points, and the 10-year treasury yield was down .02 to 4.36%. Lodging stocks were lower. The biggest mover was HGV, down -12%.
Host Hotels had a very muted reaction to their stock price considering such a big earnings beat, down 3% on the day. Management discussed Maui and better non-room spending for the quarter’s strength. While they upped EBITDA guidance for the year, not including the beat, the second half outlook is unchanged from previous guidance. HST bought back 6.7 million shares for $105 million in the quarter.
Hilton Grand Vacations' stock reaction to their earnings was very different than the previous one from Travel+Leisure. HGV reported a relatively in-line quarter. While the stock had been hitting new highs recently, this may not have been enough to keep the momentum going, but the sell-off did seem a bit overdone. They were very active in
