Marriott Vacations Worldwide (VAC) Reports In-Line Q2 EPS

Marriott Vacations Worldwide (NYSE: VAC) reported Q2 EPS of $0.85, in-line with the analyst estimate of $0.85.

• Consolidated Vacation Ownership contract sales totaled $362 million in the second quarter of 2021, with VPG 30% higher than the second quarter of 2019.
• Net income attributable to common shareholders was $6 million, or $0.15 fully diluted earnings per share.
• Adjusted net income attributable to common shareholders was $37 million and adjusted fully diluted earnings per share was $0.85.
• Adjusted EBITDA more than doubled on a sequential basis to $164 million in the second quarter of 2021.
• The Company completed a securitization of timeshare receivables, issuing $434 million of notes at an overall average weighted interest rate of 1.5% and a 98% gross advance rate, the lowest interest rate ever achieved by a MVW 144A securitization, generating net proceeds of $425 million.
• After the repayment of $500 million of its 6.5% Senior Notes due 2026 following the end of the quarter, the Company had pro forma liquidity of nearly $1.5 billion, including unrestricted cash and cash equivalents of $780 million.
• With recovery in the business expected to continue, the Company projects contract sales of $380 million to $410 million in the third quarter of 2021, a sequential increase of 9% at the mid-point.

For earnings history and earnings-related data on Marriott Vacations Worldwide (VAC) click here.

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