Marriott Vacations Reinstates Dividend, Plans Buyback Amidst Elevated Cancellation Trends

  • Marriott Vacations Worldwide Corp VAC has provided an updated outlook for third-quarter 2021. The company expects contract sales for Q3 FY21 to be towards the lower end of the original guidance of $380 million - $410 million.
  • Marriott Vacations said it faces modestly elevated cancellation trends in certain markets due to the COVID-19 delta variant and the fires impacting Lake Tahoe.
  • The company expects its Adjusted EBITDA in the third quarter to approach 2019 levels.
  • Meanwhile, the company’s board of directors reinstated a $0.54 per share dividend of common stock payable on October 7, 2021, to shareholders of record as of September 23, 2021. 
  • The board of directors also approved the repurchase of up to $250 million of its common stock.
  • Price Action: VAC shares are trading higher by 4.45% at $155.55 on the last check Monday.

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