Adjusted net earnings from continuing operations of $19.4 million, compared with adjusted net earnings of $19.7 million for prior-year quarter
Adjusted EBITDA of $51.4 million up 11%, compared to adjusted EBITDA of $46.3 million for prior-year quarter.
Reaffirms Full-Year adjusted EBITDA guidance of $140 million to $150 million.
Same store revenue per available room (“RevPAR”) up 5% from prior-year quarter; flat in constant currency.
Belmond Ltd. (NYSE: BEL) (the “Company”), owners, part-owners or managers of 46 luxury hotel, restaurant, train and river cruise properties, which operate in 24 countries, today announced its results for the second quarter ended June 30, 2018.
Roeland Vos, president and chief executive officer, remarked: "We delivered another solid operating performance in the second quarter of 2018. While constant currency RevPAR came in at the low end of the range we had targeted, adjusted EBITDA grew 6% versus the prior-year period, or 11% on a reported basis.
We successfully commenced the start of the peak summer season in Europe, delivering strong year-over-year growth at our Italian portfolio, and driving notable gains at our North American properties. Our owned trains have continued to perform well, and as a result of capital reinvestment and improved commercial management, we achieved exceptional revenue and EBITDA growth in the second quarter at our Venice Simplon-Orient-Express train.
Excluding the three properties that were closed for part or all of the period and the acquisition of Castello di Casole, we grew portfolio revenue by 7% in US dollar terms and 2% in constant currency. We expect this rate of growth to accelerate further, propelled by our targeted marketing initiatives focused on driving online bookings.
Overall, I am pleased with our results in the second quarter. The underlying performance of our global business has proven to be strong, despite headwinds in certain local markets, and today's results leave us well positioned as we turn into the seasonally significant third quarter.
We will keep building upon the momentum we have generated. We are focused on maximizing the returns from the building blocks we have put in place as part of our strategic plan, and we are increasingly confident that these efforts will come together towards a successful third quarter. I am particularly encouraged by the performance of Belmond Castello di Casole since we took over management responsibility in May, and we will continue to drive further operational advancements now that it is under the Belmond umbrella.
Looking ahead, we expect to achieve growth consistent with our previous guidance range for full-year 2018 same store, constant currency RevPAR of 2% to 6%, with additional revenue upside in our trains and cruises businesses, and adjusted EBITDA of between $140 million and $150 million, representing 13% to 21% growth over last year.”
