Travel + Leisure Co. Q1 Net Income Rises; Updates 2023 Guidance

(RTTNews) - Travel + Leisure Co. (TNL) reported that its first quarter net income from continuing operations increased to $63 million from $51 million, prior year. Earnings per share from continuing operations was $0.81 compared to $0.59. Adjusted EBITDA was $184 million, up 8%. Adjusted earnings per share increased to $0.89 from $0.69. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.78, for the quarter. Analysts' estimates typically exclude special items.

Net revenues increased to $879 million from $809 million, last year. Analysts on average had estimated $840.51 million in revenue. The company updated guidance regarding expectations for the 2023 full year. Adjusted EBITDA is now projected in a range of $925 million to $945 million, revised from prior guidance range of $920 million to $940 million.

For the second quarter 2023, the company expects adjusted EBITDA of $230 million to $240 million.

The company's management will recommend a second quarter dividend of $0.45 per share for approval by the Company's Board of Directors in May 2023.

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