Marriott Vacations Worldwide Corp. Thursday reported a better-than-expected surge in first-quarter profit, on higher revenues. The company benefited from the sale of vacation ownership products and rental income, resort management and other services revenues. The company raised its outlook for fiscal year 2013, sending its shares up nearly four percent in afternoon trade on the New York Stock Exchange.
“Our top-line results benefited from higher pricing and improved closing efficiency during the quarter,” said CEO Stephen Weisz. Marriott Vacations, formerly a part of Marriott International Inc. (MAR), is engaged in the development, marketing, and management of vacation ownership and related products. The Orlando, Florida-based company reported quarterly net income of $18 million or $0.50 per share, compared to $9 million or $0.24 per share last year.
Excluding items, adjusted earnings for the quarter were $19 million or $0.54 per share, compared to $10 million or $0.27 per share a year ago. On average, six analysts polled by Thomson Reuters estimated earnings of $0.44 per share for the quarter.
Total revenues for the quarter grew to $389 million from $376 million last year. Analysts on consensus expected revenues of $391.04 million for the quarter. For the full year 2013, Marriott Vacations now expect adjusted earnings of $1.87 to $2.03 per share, up from its prior estimate of $1.77 to $2.00 per share. Analysts currently estimate earnings of 1.92 per share for the year. Marriott Vacations stock is trading at $44.95, up 3.57%, on a volume of 0.29 million shares.
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