Earnings: Viad’s Revenue, Earnings Beat Forecasts in Q2

August 16, 2024
Wall Street

Viad, a global provider of exhibition services and experiential marketing, reported strong Q2 results that exceed prior guidance. The parent company of global exhibition and trade show management company GES and global brand experience agency Spiro reported that GES revenues increased 19.6% year-over-year, primarily due to new client wins and continued underlying growth.

For Q2 that ended June 30, GES show performance and client spend remain strong, raising the company’s full year outlook, according to a release by Viad.

Here’s a deeper dive into the company’s financial performance.

moster
Viad President and CEO Steve Moster
 

What they are saying: “We delivered very strong second quarter results that exceeded our expectations,” said Viad President and CEO Steve Moster. “Both Pursuit (a division of Viad) and GES have seen significant demand for our extraordinary experiences and achieved remarkable results. GES continues to deliver solid profitable growth primarily from stronger high-margin corporate client spending and disciplined cost management.”

By the numbers: Viad reported revenues of $378.5 million in Q2, an increase of $58.2 million or 18.2% from Q2 2023. GES revenue of $277.3 million represented an increase of $45.5 million year-over-year. GES adjusted EBITDA of $44.4 million increased $17.6 million year-over-year primarily driven by higher revenue and significant margin expansion.

Related: Earnings: GES and Spiro Report Year-Over-Year Revenue Growth in Q1 

Context: In Q2, GES produced a number of corporate events, association exhibitions, and independent trade shows, including the California Dental Association in May in Anaheim, the American Psychiatric Association in May in New York, the Association of Institutional Research in May in Denver, and the American Urological Association in May in San Antonio.

APA show
GES worked with the American Psychiatric Association to produce its annual convention in May in New York. Photo: GES
 

Looking ahead: “Given our stronger than expected performance during the first half of 2024 and the favorable underlying demand trends we are seeing, we were prepared to raise our full year guidance. For GES, we are raising our full year Adjusted EBITDA guidance range by $5 million,” Moster said.

Related: Earnings: GES and Spiro Parent Company Viad Positive on 2024 After Double-Digit Revenue Growth in Q4 2023

Add new comment

Partner Voices
  MGM Resorts is renowned for its exceptional service and diverse venue options across Las Vegas, Detroit, Springfield, National Harbor, Biloxi, and Atlantic City, providing flexible spaces for meetings of any size. Beyond these offerings, MGM Resorts distinguishes itself through a strong commitment to social responsibility and sustainability, making it an ideal choice for your next meeting.  At the core of MGM Resorts' company values is its platform, "Focused on What Matters," dedicated to meeting customer needs while advancing socially responsible practices. This commitment is evident in several key areas:  Protecting Natural Resources  MGM Resorts is home to industry-leading recycling, renewable electricity and water conservation programs. Some highlights include a cogeneration power plant at ARIA, producing ultra-efficient electricity; one of America’s largest contiguous rooftop solar arrays atop the convention center at Mandalay Bay; and onsite wells that provide water for the celebrated Fountains of Bellagio, avoiding reliance on precious Colorado River water. These efforts and many more save on natural resources while boosting attendee satisfaction.  Committed to Community  Always striving to be good neighbors, MGM Resorts works to avoid food waste and combat food insecurity with the Feeding Forward program. In partnership with local food banks, they safely divert unserved food to food insecure members of the community. Since 2016, over 5 million meals have been provided, highlighting MGM Resorts' commitment to minimizing food waste and addressing community needs.  MGM Resorts supports clients in their responsible-meetings efforts, not only with efficient venues but also waste-reducing décor and signage; sustainable food and beverage options; and outreach to help planners communicate sustainability efforts to attendees. What’s more, they offer a Mindful Meetings series that puts attendee wellness first—through fitness and mindfulness activities, and in give-back events with local charity organizations.   Fostering Diversity & Inclusion  To MGM Resorts, a diverse and talented workforce is essential to success. By cultivating innovative strategies that consider multiple perspectives and viewpoints, the company creates an inclusive workplace culture that benefits its employees and community. MGM Resorts takes pride in being a welcoming home for veterans, individuals with disabilities, people from diverse backgrounds, LGBTQ+ community members, and more. This commitment to inclusion is reflected in the company's recruitment and hiring practices and its social responsibility initiatives. From the workplace to the community, MGM Resorts' commitment to diversity, equity and inclusion remains unwavering, and its efforts continue to create a more equitable and sustainable world for all.  MGM Resorts offers unparalleled service and venue options while standing out for its proactive approach to sustainability and community engagement. Choosing MGM Resorts for your next meeting means aligning with a company that values social responsibility, efficiency, and attendee satisfaction, ensuring a meaningful and impactful event experience.