Marriott Vacations Misses Third-quarter Earnings And Sales Expectations

Marriott Vacations Worldwide Corporation missed third-quarter earnings and sales expectations Thursday. The company reported net income of $21.6 million, or 67 cents per share, down from $25.6 million, or 75 cents per share in the year-earlier period. The company reported adjusted earnings per share of 82 cents, below the FactSet consensus of 87 cents. Marriott Vacations reported revenue of $407 million, below $413 million in the year-earlier period and below the FactSet consensus of $432 million. The company said its results were negatively impacted by the strong U.S. dollar and "unfavorable revenue reportability." Marriott Vacations' board authorized the repurchase of two million shares. The company updated its full year guidance to adjusting earnings per share of $3.33 to $3.52, up from the previous range of $3.29 to $3.48. Shares were inactive in premarket trade Thursday.