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Nov. 8, 2021, 6:25 a.m. EST

Marriott Vacations swings to Q3 profit that beats expectations, says current quarter 'has started well'

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By Tomi Kilgore

Marriott Vacations Worldwide Corp. /zigman2/quotes/200002947/composite VAC -1.63% reported Monday that it swung to a third-quarter profit that beat expectations, while revenue rose in line with forecasts, as contract sales nearly tripled to reach within 3% of pre-pandemic 2019 levels. The vacation ownership company's stock was still inactive in premarket trading. Net income was $10 million, or 23 cents a share, after a loss of $62 million, or $1.51 a share, in the year-ago period. Excluding nonrecurring items, the company swung to adjusted earnings per share of $1.60 from a per-share loss of 81 cents, while the FactSet consensus was for EPS of $1.41. Total revenue grew 62.1% from a year ago to $1.05 billion, matching the FactSet consensus, while contract sales jumped 171.4% to $380 million, with first-time buyers representing 30% of contract sales. Average revenue per member increased 16.8% to $42.95. "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," said Chief Executive Stephen Weisz. The stock has rallied 18.3% over the past three months through Friday while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% has gained 5.9%.

/zigman2/quotes/200002947/composite
US : U.S.: NYSE
$ 159.46
-2.65 -1.63%
Volume: 337,604
Jan. 21, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
1.35%
Market Cap
$6.79 billion
Rev. per Employee
$196,500
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/zigman2/quotes/210599714/realtime
US : S&P US
4,397.94
-84.79 -1.89%
Volume: 3.20B
Jan. 21, 2022 4:52p
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