Travel + Leisure Q1 Profit Increases

(RTTNews) - Travel + Leisure Co. (TNL) Wednesday announced an increase first quarter earnings, supported by revenue growth.

The quarterly earnings were $66 million or $0.92 per share, compared to $64 million or $0.81 per share last year. On average, 9 analysts polled by Thomson Reuters expected the company to earn $0.86 per share.

The Membership and leisure travel company's revenue for the quarter increased to $916 million from $879 million a year ago. Wall Street was looking for $906.16 million.

The company said it has experienced 15 percent increase in tours, 28 percent growth in owner tours and volume per guest above $3000.

The company expects second quarter adjusted EBITDA of $235 to $245 million and reaffirmed full year adjusted EBITDA outlook in a range of $910 million to $930 million.

Travel+Leisure said its management will recommend a second quarter dividend of $0.50 per share.