Marriott Vacations posts 3Q net income, revenue up
ORLANDO, Fla. -- Timeshare company Marriott Vacations Worldwide Corp. reported a slim profit on higher revenue in the third quarter and raised its forecast for the year on strength in its North American operations.
Growth in North America was partly offset by declines overseas during the summer quarter.
The company, which was spun off from Marriott International Inc. last year, earned $6 million, or 17 cents per share, for the three weeks ended Sept. 7 versus a loss of $221 million when it was part Marriott International a year ago.
It said its adjusted earnings amounted to 23 cents per share. Analysts surveyed by FactSet expected earnings of 25 cents per share.
Revenue edged up to $383 million from $378 million a year ago. Analysts expected revenue of $402.6 million.
For the full year, it expects adjusted earnings of $1.17 to $1.31 per share, up from a range of $1.03 to $1.17 per share. Analysts
Analysts expected earnings of $1.16 for the year.
Its shares rose 71 cents, or 1.8 percent, to $40.93 in midday trading after rising as high as $41.73, its highest price since its spinoff.