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Dec 31, 2023
Marriott Vacations Q4 2023 Earnings Report
Reported a positive end to a challenging year, with contract sales growth and strategic technology initiatives.
Key Takeaways
Marriott Vacations Worldwide reported a 4% year-over-year growth in contract sales for Q4 2023, with VPG in line with the prior year, after adjusting for the impact of the Maui wildfires. The company's transition to Abound by Marriott Vacations is complete, and they are focusing on leveraging technology to enhance revenue and drive cost savings.
Consolidated Vacation Ownership contract sales decreased by 2% year-over-year to $447 million.
Net income attributable to common stockholders was $35 million, with fully diluted earnings per share at $0.93.
Adjusted net income attributable to common stockholders was $75 million, and adjusted fully diluted earnings per share was $1.88.
The company repurchased 431,000 shares of its common stock for $38 million and increased its quarterly dividend to $0.76 per share.
Forward Guidance
The company provided guidance for the full year 2024, including contract sales, net income, earnings per share, net cash, Adjusted EBITDA, and adjusted free cash flow.
Positive Outlook
- Contract sales are expected to be between $1.88 billion and $1.93 billion.
- Net income attributable to common stockholders is projected to be between $285 million and $320 million.
- Diluted earnings per share are estimated to be between $7.17 and $8.00.
- Adjusted EBITDA is anticipated to be between $760 million and $800 million.
- Adjusted earnings per share are expected to be between $7.65 and $8.35.
Challenges Ahead
- Includes $10 million to $15 million of anticipated transaction and integration costs.
- Includes $12 million of anticipated litigation charges.
- Includes $2 million of anticipated purchase accounting adjustments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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