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.