OneSpaWorld Holdings Limited (OSW), a provider of health, fitness, beauty, and wellness services, Wednesday reported net income of $21.2 million, or $0.21 per share for the first quarter, compared with net loss of $15.9 million or $0.17 per share in the same quarter a year ago, primarily due to $29.6 million positive change in fair value of warrant liabilities, and $1.7 million decrease in interest expense. Quarterly results surpassed the Street estimates.
Further, OneSpaWorld announced $50 million share repurchase. The company also raised its full-year outlook.
Excluding special items, the company posted earnings of $19.3 million, or $0.19 share, up from $12.3 million, or $0.13 per share last year.
Revenue for the quarter increased 16 percent to $211.2 million from $182.5 million in the previous year.
On average, 4 analysts polled by Thomson-Reuters expected the company to report earnings of $0.17 per share on revenue of $207.72 million for the quarter. Analysts' estimate typically exclude special items.
Additionally, the company announced a share buyback of up to $50 million of shares, which is to be funded through its available cash.
OneSpaWorld now expects full-year revenue to be in the range of 860 million - $880 million, up from the previous guidance of $850 million - $870 million. The consensus estimate stands at 861.13 million.
For the second quarter, the company sees revenue to range between $216 million and $221 million. The Street is looking for $215.75 million.
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