Phoenix — Viad Corp., parent company of Las Vegas-based GES, this week reported third quarter revenue of $339.1 million, an 11.3% year-over-year decrease. GES revenue of $232.1 million was down 19.1% year-over-year, which was mostly attributed to negative show rotation for GES, which provides general contracting services to some trade shows that are not held annually.
This year, the third quarter also was impacted by one event that changed venues, reducing the need for services previously anticipated. When adjusted to exclude the relocated event, U.S.-based same-show growth was 4.2% for the third quarter. In addition, the first-quarter acquisition of the Poken event visitor engagement technology in March helped contribute to additional revenue of $13.1 million.
GES delivered year-over-year revenue growth of 7.6% and a 90 basis point improvement in adjusted EBITDA during the first nine months of 2017.
Viad President and CEO Steve Moster — who also is President of GES — said the GES results were in line with expectations. “Overall, 2017 is shaping up to be a strong year of profitable growth for Viad and continued progress against our strategic goals,” Moster said in a release announcing the third-quarter results.
Moster cited GES’s acquisition of ON Services and Poken as positives for the company, contributing revenue of $19.2 million during the third quarter of 2017 compared to $10.4 million from a partial quarter with ON Services in the third quarter of 2016.
Reach Steve Moster at (602) 207-1010 or email@example.com