Marriott Vacations Reports Mixed Q3 Earnings

  • Marriott Vacations Worldwide Corp VAC reported third-quarter FY21 sales growth of 62.1% year-on-year, to $1.05 billion, missing the analyst consensus of $1.07 billion.
  • Revenue from Vacation Ownership increased 123% Y/Y, Exchange & Third-Party Management rose 12%, both excluding cost reimbursements.
  • Total expenses rose 33.1% Y/Y to $896 million. Adjusted EBITDA for the quarter was $205 million.
  • Adjusted EPS of $1.60 beat the analyst consensus of $1.42.
  • The company held $882 million in cash and equivalents as of September 30, 2021.
  • "First-time buyers represented more than 30% of contract sales in the third quarter, which is important for the long-term health of the system," said CEO Stephen P. Weisz.
  • "The fourth quarter has started well with October contract sales above 2019 levels and reservations on the books for the first half of next year are already strong," Weisz added.
  • Price Action: VAC shares closed higher by 4.42% at $170.49 on Friday.

Posted In: BriefsEarningsNews

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