Marriott Vacations Q2 2024 Earnings Report
Key Takeaways
Marriott Vacations Worldwide reported second quarter 2024 financial results with consolidated vacation ownership contract sales declining 1% to $449 million. Net income attributable to common stockholders was $37 million, or $0.98 per share, while adjusted net income was $42 million, or $1.10 per share. Adjusted EBITDA decreased 29% to $157 million, reflecting a $57 million net increase to the company’s sales reserve.
Consolidated Vacation Ownership contract sales declined 1% compared to the second quarter of 2023 to $449 million. Excluding Maui, contract sales increased 3% compared to the prior year.
The Company recorded a $70 million increase to its sales reserve reflecting higher expected future defaults on its existing vacation ownership notes receivable portfolio.
Net income attributable to common stockholders was $37 million compared to $90 million in the prior year, and fully diluted earnings per share was $0.98.
Adjusted EBITDA decreased 29% compared to the prior year to $157 million reflecting a $57 million net increase to the Company’s sales reserve.
Marriott Vacations
Marriott Vacations
Forward Guidance
The Company provides updated full year 2024 guidance.
Positive Outlook
- Contract sales are expected to be between $1,790 million and $1,825 million.
- Net income attributable to common stockholders is projected to be between $195 million and $215 million.
- Diluted earnings per share are anticipated to be between $5.05 and $5.55.
- Adjusted EBITDA is expected to range from $685 million to $715 million.
- Adjusted earnings per share - diluted are projected to be between $5.90 and $6.45.