Travel + Leisure Q3 Profit Beats View; Raises Annual Outlook Above Estimates

(RTTNews) - Travel + Leisure Co. (TNL) on Wednesday reported better-than-expected third-quarter earnings on higher sales volume per guest. The company said its continued cost control efforts also helped to achieve improved bottom line. The company also upped its annual earnings guidance above the consensus estimate.

Net income in the third quarter was $101 million or $1.15 per share, higher than $40 million or $0.47 per share in the same quarter a year ago.

On an adjusted basis, the company reported earnings of $1.19 per share, beating the average estimate of analysts polled by Thomson Reuter of $1.03. Analysts' estimates typically exclude special items.

Revenue for the quarter increased to $839 million from $614 million last year. The consensus estimate was for $8151 million.

"As we said last month, the desire for leisure travel has never been stronger. Bookings at our vacation ownership resorts for the remainder of the year are ahead of 2019 levels, clearly demonstrating that people are planning to get back on vacation, which will benefit all of our businesses as we close out the years," said Michael D. Brown, president and CEO of Travel + Leisure Co.

Looking forward, the company has increased is full-year adjusted EPS guidance to a range of $3.35 to $3.43 from $3.20 to $3.30. Analysts expect earnings of $3.23 per share for the period.

Further, the company said its management is expected to recommend increasing the fourth quarter dividend to $0.35 per share for approval by the Board.

Travel + Leisure Co. shares closed Tuesday's trading at $52.58, up $0.53 or 1.02%.