Benzinga | Nov 8, 2021 08:07AM EST

Marriott Vacations Reports Mixed Q3 Earnings

* Marriott Vacations Worldwide Corp (NYSE:VAC) reported third-quarter FY21 sales growth of 62.1% year-on-year, to $1.05 billion, missing the analyst consensus of $1.07 billion.

* Revenue from Vacation Ownership increased 123% Y/Y, Exchange & Third-Party Management rose 12%, both excluding cost reimbursements.

* Total expenses rose 33.1% Y/Y to $896 million. Adjusted EBITDA for the quarter was $205 million.

* Adjusted EPS of $1.60 beat the analyst consensus of $1.42.

* The company held $882 million in cash and equivalents as of September 30, 2021.

* "First-time buyers represented more than 30% of contract sales in the third quarter, which is important for the long-term health of the system," said CEO Stephen P. Weisz.

* "The fourth quarter has started well with October contract sales above 2019 levels and reservations on the books for the first half of next year are already strong," Weisz added.

* Price Action: VAC shares closed higher by 4.42% at $170.49 on Friday.