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Marriot Vacations misses by $0.18, misses on revs; narrows FY16 EPS, in-line
- Reports Q3 (Sep) earnings of $0.96 per share, excluding non-recurring items, $0.18 worse than the Capital IQ Consensus of $1.14; revenues were unchanged from the year-ago period at $407 mln. Total company vacation ownership contract sales (which exclude residential sales) were $169.8 million, $10.1 million, or 6.3 percent, ahead of the prior year period. Contract sales in our key North America and Asia Pacific segments were $12.5 million, or 8.3 percent, ahead of the prior year period.
- Co issues in-line guidance for FY16, narrows EPS to $4.55-4.65 from $4.43-4.78, excluding non-recurring items, vs. $4.61 Capital IQ Consensus Estimate.
- "We continued to execute our growth strategy in the third quarter. Contract sales in our key North America and Asia Pacific segments were up 8.3 percent in the quarter, an acceleration of the year-over-year growth that began near the end of the second quarter. Our sales growth in the quarter came not only from the continued ramp-up of sales at our new North America and Asia Pacific sales centers, but also from sales improvement at our existing sites," said Stephen P. Weisz, president and chief executive officer. "With the momentum we have seen in our new sales centers during the third quarter and our fourth quarter tour activations well ahead of this time last year, we remain confident in our growth strategy and the solid foundation we are building for continued sales growth going into 2017."