Marriott Vacations Worldwide (VAC) Tops Q3 EPS by 1c; Boosts FY14 EPS Outlook

Marriott Vacations Worldwide (NYSE: VAC) reported Q3 EPS of $0.81, $0.01 better than the analyst estimate of $0.80. Revenue for the quarter came in at $413 million versus the consensus estimate of $421.93 million.

Return of Capital

On October 14, 2014, the company's Board of Directors authorized a cash dividend program under which it intends to pay a regular quarterly dividend, and declared a quarterly dividend of $0.25 per share payable on November 12, 2014 to shareholders of record as of October 28, 2014. In addition, the Board of Directors authorized the company to repurchase up to 3.4 million additional shares of its common stock under its share repurchase program through March 25, 2016.

Any future dividend payments will be subject to Board approval. The specific timing, amount and other terms of the repurchases will continue to depend on market conditions, corporate and regulatory requirements and other factors.

During the third quarter of 2014, the company repurchased 787,796 shares of its common stock at an average price of $58.02 per share for a total of nearly $46 million under its share repurchase program. Since the launch of the program on October 20, 2013 through October 15, 2014, the company has repurchased nearly 3.4 million shares of the 3.5 million shares originally authorized.

Guidance:

Marriott Vacations Worldwide sees FY2014 EPS of $2.67-$2.84, versus prior guidance of $2.64-$2.82 and the consensus of $2.77.

For earnings history and earnings-related data on Marriott Vacations Worldwide (VAC) click here.

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