Bluegreen Vacations Q3 Profit Rises - Quick Facts

(RTTNews) - Bluegreen Vacations Corp. (BXG), which is 90 percent owned by BBX Capital Corp. (BBX), reported a more than 10 percent increase in profit for the third quarter on higher revenues. However, the company noted that its results were adversely impacted by weather-related cancellations due to Hurricane Florence.

Third-quarter net income attributable to shareholders rose to $20.5 million or $0.27 per share from $18.5 million or $0.26 per share in the year-ago period.

Total revenues for the quarter grew 3.6 percent to $202.2 million from $195.2 million in the prior-year period, primarily driven by increased Resort Operations and Club Management Revenues.

The company noted that the latest quarter's results were negatively impacted by Hurricane Florence which hit North and South Carolina in September.

Bluegreen Vacations said that its nine Club Resorts and two Club Associate Resorts in the primary path of the Hurricane suffered relatively minor damage. However, the storm caused guest and owner cancellations which it estimates resulted in lost system-wide sales in the quarter of about $5.8 million, with the related estimated EBITDA impact of approximately $2.3 million.