Hilton Grand Vacations (NYSE:HGV) reported fourth-quarter financial results that trailed Wall Street expectations, impacted by net construction deferrals from major projects in Hawaii and Japan.
The Orlando-based timeshare leader posted a fourth-quarter profit of $48 million, or 55 cents per share.
On an adjusted basis, excluding merger-related and non-recurring costs, earnings reached 88 cents per share.
The results came in below the consensus estimate of $1.05 per share forecast by analysts surveyed by Zacks Investment Research.
Revenue for the period reached $1.33 billion, also missing the $1.38 billion expected by the market.
Management noted that top-line figures were affected by a $61 million net construction deferral, which also reduced adjusted EBITDA by $32 million.
Despite the headline miss, operational metrics showed areas of growth.
Total contract sales rose 1.8% to $852 million, and tour flow increased 8.7% year-over-year, though this was partially offset by a 6.4% decline in volume per guest (VPG).