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Marriott Vacations Worldwide Corp (NYSE: VAC) |
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Marriott Vacations Worldwide Corp Outlook |
On February 21 2024 the Marriott Vacations Worldwide Corp provided following guidance
Marriott Vacations Worldwide Corporation (NYSE: VAC) has released its financial results for the fourth quarter and full year of 2023, as well as its guidance for the full year of 2024. Despite facing challenges throughout the year, the company experienced a strong finish, with contract sales increasing by 4% in the fourth quarter compared to the previous year. The company's Volume Per Guest (VPG) remained consistent with the prior year, once adjustments were made for the expected impact of the Maui wildfires. The President of Marriott Vacations Worldwide, John Geller, expressed optimism about the company's performance, noting the positive trend in sales and the resilience shown in the face of adversity.
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On November 1 2023 the Marriott Vacations Worldwide Corp provided following guidance
income for the third quarter of 2023 was $112 million, compared to $108 million in the same period last year.
MVW reported consolidated Vacation Ownership contract sales of $438 million for the third quarter of 2023. This represents a sequential increase of $87, or 2%, from the second quarter. The volume per guest (VPG) also saw a sequential increase of $87, or 2%, reaching $4,055.
However, the Company estimates that the Maui wildfires had a negative impact on contract sales, resulting in a loss of $28 million. Additionally, the VPG was affected by approximately $66, or 2%, due to the wildfires.
Despite these challenges, MVW managed to generate a net income of $112 million for the third quarter of 2023, slightly higher than the $108 million recorded in the same period last year.
Overall, despite the setbacks caused by the Maui wildfires, MVW showed resilience and managed to maintain steady growth in contract sales and VPG. The Company remains committed to its goal of providing high-quality vacation ownership experiences to its customers.
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