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.

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