Viad Corp reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for the third quarter reached $455.7 million, a 24.5% increase from $365.9 million in the prior year. For the nine months, revenue was $1.1 billion, up from $947 million, reflecting a robust growth trajectory.

The company's profitability also saw marked enhancements. Net income attributable to Viad for Q3 2024 was $48.6 million, a 17.8% increase from $41.3 million in Q3 2023. For the nine-month period, net income rose to $52.8 million from $31.4 million. Diluted income per share from continuing operations increased to $1.65 for Q3 2024, compared to $1.41 in the same quarter of the previous year.

The growth in revenue was primarily driven by the GES segment, which reported a 52.8% increase in revenue for Q3 2024, totaling $273.4 million, compared to $179 million in Q3 2023. The GES Exhibitions revenue surged by 59.5%, reaching $194.8 million. Conversely, the Pursuit segment experienced a slight revenue decline of $4.7 million in Q3, attributed to the impact of wildfires in Jasper National Park, which affected visitor numbers and hospitality revenue.

Viad's total current assets increased to $309.6 million as of September 30, 2024, from $235.8 million at the end of 2023, while total current liabilities rose to $307.7 million from $229.8 million. Long-term debt decreased to $381.9 million from $444.3 million, contributing to an improved accumulated deficit of $(280.0 million), down from $(326.1 million).

Strategically, Viad announced the sale of its GES business to Truelink Capital for $535 million, expected to close by the end of 2024, pending regulatory approvals. This transaction will be reflected as discontinued operations starting in Q4 2024. Additionally, Viad acquired Eddie’s Café & Mercantile for $15.9 million, enhancing its hospitality offerings in Glacier National Park.

The company faced challenges due to the Jasper wildfires, which resulted in an asset impairment charge of $3.8 million for the loss of the Maligne Canyon Wilderness Kitchen, offset by insurance recoveries. Overall, Viad's financial results indicate a strong recovery and strategic repositioning, despite the operational impacts from natural disasters.