earnings
confidence high
sentiment negative
materiality 0.80
Marriott Vacations Q2 net income down 59% YoY; raises sales reserve by $70M; cuts outlook
MARRIOTT VACATIONS WORLDWIDE Corp
2024-Q2 EPS reported
$2.20
revenue$2,335,000,000
- Contract sales $449M, down 1% YoY; ex-Maui up 3%. Tours up 5% but VPGs declined, especially first-time buyer.
- Increased sales reserve by $70M for higher expected defaults, reducing net income by $45M.
- Net income $37M ($0.98 diluted EPS) vs $90M ($2.37) prior year; adjusted net income $42M ($1.10).
- Adjusted EBITDA $157M, down 29% YoY; full-year contract sales guidance revised lower for H2.
- Resort occupancy 90% in Q2; rentals exceeded expectations but loan delinquencies not improving.