Marriott Vacations Q3 Profit Beats View; Raises FY14 EPS Forecast

(RTTNews) - Marriott Vacations Worldwide Corp. (VAC) reported third-quarter net income of $25 million, flat year-over-year, while earnings per share rose to $0.75 from $0.67 a year ago. On an adjusted basis, earnings beat the Street view by a penny. Excluding certain items, the company earned $27 million or $0.81 per share. On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share. Analysts' estimates typically exclude special items. Quarterly revenues slightly rose to $413 million from $412 million last year, while analysts expected revenue of $421.93 million. Looking ahead, for the full-year, the group now expects adjusted earnings per share in the range of $2.67 - $2.84, up from the previous range of $2.64 - $2.82. Analysts are estimating earnings of $2.77 per share. In addition, the company announced that it has authorized a cash dividend program under which it plans to pay a regular quarterly dividend. Also the firm has authorized a repurchase up to an additional 3.4 million shares, or nearly 10 percent, of its outstanding common stock.