Marriot Vacations beats by $0.06, misses on revs; reaffirms FY16 EPS guidance (68.46)
- Reports Q2 (Jun) earnings of $1.08 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $1.02; revenues rose 1.7% year/year to $429.95 mln vs the $438.3 mln Capital IQ Consensus.
- Co reaffirms guidance for FY16, sees EPS of $4.43-4.78, excluding non-recurring items, vs. $4.51 Capital IQ Consensus Estimate. Adjusted EPS increased from the previous guidance of $4.31 to $4.66 due entirely to a reduction in shares outstanding.
- Co reaffirmed FY16 adjusted EBITDA guidance of $261-276 mln.
- "Our second quarter results, including contract sales, were solid and in line with our expectations...And even more importantly, contract sales growth gained momentum as we moved through the second half of the quarter. Additionally, tour activations for the second half of 2016 are substantially ahead of this time last year, and four of our six new sales centers are open and gaining momentum, giving us confidence that we will achieve our 2016 goals and are well positioned for solid growth in the years to come."