Welcome to our dedicated page for Viad news (Ticker: VVI), a resource for investors and traders seeking the latest updates and insights on Viad stock.
Viad Corp (NYSE: VVI) delivers innovative experiential marketing solutions through its global network of event production and attractions services. This news hub provides investors and industry professionals with comprehensive updates on corporate developments shaping the live events and hospitality sectors.
Access authoritative coverage of Viad's financial announcements, strategic partnerships, and operational milestones. Our curated collection includes earnings reports, acquisition updates, leadership changes, and innovations in brand activation technologies. Each release is verified for accuracy and contextualized within Viad's dual focus on exhibition services and destination experiences.
Monitor critical updates across Viad's key markets in North America, Europe, and the UAE. Track developments in GES event production capabilities and Pursuit's hospitality offerings through structured, search-optimized content. Bookmark this page for efficient tracking of VVI's market position within the S&P SmallCap 600 index.
Viad Corp (NYSE: VVI) has announced the promotion of Derek P. Linde to President of GES, effective June 3, 2024. Linde, currently the Chief Operating Officer at Viad, has been pivotal in advancing strategic goals and driving revenue growth, profitability, and cash flow. He has played a key role in launching the Spiro experiential marketing agency and implementing margin initiatives within GES Exhibitions. Linde, who joined Viad in 2018, has a background in legal leadership roles at Illinois Tool Works and Winston & Strawn LLP. His new role aims to capitalize on GES's global reach and growth opportunities.
Viad Corp reported solid first-quarter results for 2024, with Pursuit delivering 14% revenue growth and a successful launch of the FlyOver Chicago attraction. GES saw margin expansion with healthy revenue growth. The company maintains a positive outlook for strong full-year growth based on continued positive trends in both businesses.
Revenue for the first quarter increased by 4.9% to $273.5 million, with Pursuit revenue growing by 14% and GES revenue by 3.6%. Adjusted EBITDA improved by 27.1% to $4.3 million. The company expects consolidated adjusted EBITDA growth of approximately 16% to 30% in 2024, with strong free cash flow.
Despite a net loss increase of $4.2 million primarily due to higher non-operational items and income tax expense, adjusted net loss improved by $0.3 million. Viad's cash flow from operations was an outflow of $7.5 million, with total liquidity of $137.2 million and a debt of $488.4 million. The company's 2024 outlook shows positive projections for revenue, adjusted EBITDA, cash flow from operations, and capital expenditures.
