Companies in the travel space showed off the results from a fairly successful Q1 today. Expedia, MGM Resorts International, and Avis Budget Group all closed positive after reporting favorable earnings post-pandemic. 🍀 📈
Obviously, the Omicron variant and the general persistence Covid infections have hindered growth compared to reports from 2019 or earlier. Nevertheless, these three companies’ financial results demonstrate an upward trend when it comes to Americans returning to travel. ✈️ Here are the results:
Expedia ($EXPE, +1.25% after hours) reported total bookings up 58% in Q1 2022, totaling $24.4 billion. Bookings are still down 17% from Q1 20219. Revenue was up 78% in lodging, up 50% for air travel, and advertising/media revenue gained 88%. The company also posted adjusted EBITDA of $173 million, which almost matched the company’s pre-pandemic figures. Check out the intraday chart:
MGM Resorts International ($MGM, +2.27%) increased its net revenues +73% YoY and reported adjusted diluted earnings per share of $0.01 in Q1 2022, as opposed to an adjusted loss of $0.68/share in Q1 of 2021. The company commented:
“We delivered a strong first quarter in our domestic operations driven by weekend demand and a better mix of business. Our midweek business is improving with each quarter and our group base is growing after a tough January. The results demonstrate the robust demand for our gaming entertainment offerings with the backdrop of increased sports and entertainment programming in the Las Vegas market.” Check out the daily chart:
Avis Budget International ($CAR, +6.6% after hours) similarly posted positive results. The company increased its net revenues to $2.4 billion, +77% YoY. Avis also recorded a utilization figure of 68.9% which basically matched Avis’ 2019 fleet utilization. The company’s CEO shared:
“Despite the impact of Omicron on the first half of the quarter, our team was able to quickly pivot to manage the significantly increasing demand during the back half of the quarter. We focused on diligent fleet management and continued cost optimization to generate a new record first quarter Adjusted EBITDA. I want to thank all the employees for their continued tireless efforts in helping us achieve this milestone.”
Check out the intraday chart:
Like we said, all-around positive & exciting news in the travel space! 🥳 Check out Stocktwits Rankings for more insight into trending travel stocks.