Travel + Leisure (NYSE:TNL) reported revenue rose 3.8% year-over-year to $985 million to miss the consensus estimate of $987 million. Vacation ownership revenue was up 5%, while travel and membership revenue fell 1%.

Adjusted EBITDA was up 3% to $244 million. Adjusted EPS came in at $1.52 vs. $1.41 consensus and $1.33 a year ago.

Looking ahead, CEO Michael Brown said all indications are pointing to a solid second half of 2024, with owner nights up 6% for the remainder of the year and the expectation for double-digit tour growth for the full year. “We are increasing our full year adjusted EBITDA guidance, demonstrating that we have a resilient and value-driven business model; are executing well against our growth initiatives; and see strong consumer demand for vacation ownership,” he added.

Travel + Leisure (TNL) expects Q3 adjusted EBITDA of $235 million to $245 million, vs. $253 million consensus. The company expects full-year adjusted EBITDA of $915 million to $935 million, vs. a prior forecast for $910 million to $930 million.

Shares of Travel + Leisure (TNL) fell 2.77% in premarket trading on Wednesday to $48.01 vs. the 52-week range of $32.10 to $49.91.