Marriott Vacations Worldwide C - VAC STOCK NEWS

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced the completion of its second timeshare receivable securitization of 2022, raising $280 million through the issuance of notes backed by approximately $286 million in vacation ownership loans. The securitization involved four classes of notes, with varying interest rates, and a weighted average interest rate of 6.58 percent. Proceeds from the securitization will be used for debt repayment and general corporate purposes. This strategic move strengthens the company's financial position while managing credit obligations.

Marriott Vacations Worldwide Corporation (NYSE: VAC) reported strong third quarter 2022 results, driven by a 27% increase in consolidated vacation ownership contract sales, amounting to $483 million. The alignment of contract terms under the new Abound by Marriott Vacations program contributed an extra $33 million in net income and $44 million in Adjusted EBITDA. Net income attributable to common shareholders reached $109 million, or $2.53 EPS, while adjusted EPS was $3.02. The company also repurchased nearly 1.7 million shares for $216 million, returning over $600 million in cash to shareholders this year.

Marriott Vacations Worldwide Corporation (NYSE: VAC) will report its third quarter 2022 financial results after market close on October 31, 2022. A conference call to discuss the results is scheduled for 8:30 a.m. ET on November 1. Participants can join by dialing (877) 407-8289 or via the live webcast available on the company's Investor Relations site. An audio replay will also be accessible from 10:00 a.m. on November 1 until 10:00 p.m. on December 1.

Interval International has announced its long-term affiliation with Club Imperial and three premier properties in Acapulco, significantly expanding its global resort network. This collaboration with Mundo Imperial Entertainment & Hospitality introduces luxurious offerings like Palacio Mundo Imperial, Princess Mundo Imperial, and Pierre Mundo Imperial. Guests will benefit from amenities including golf courses, a spa, and direct access to Acapulco's celebrated attractions. As a result, Club Imperial purchasers will gain Interval membership, unlocking a variety of travel options and benefits.

Marriott Vacations Worldwide Corporation (NYSE: VAC) declared a quarterly cash dividend of $0.62 per share. This dividend will be distributed on or around October 6, 2022 to shareholders on record as of September 22, 2022. This announcement reflects the company's commitment to returning value to shareholders while maintaining its strong position in the vacation ownership market, which includes over 120 resorts and approximately 700,000 owner families globally.

Interval International has announced a long-term affiliation with Branson's Nantucket, LLC, welcoming two luxury waterfront resorts to its global exchange network. This includes Branson's Nantucket Villas and Tower in Missouri, providing owners access to nearly 3,200 resorts worldwide. New purchasers will become Interval Gold® members, gaining various upgraded benefits. The partnership aligns with the timeshare industry's growth, enhancing the vacation experience for owners through exceptional amenities and travel options.

Marriott Vacations Worldwide reported robust Q2 2022 results, with contract sales reaching $506 million, a 40% increase year-over-year. Net income was $136 million, translating to $2.97 per share. Adjusted EBITDA surged 55% to $255 million. The company returned $219 million to shareholders through share repurchases and dividends. They also introduced the Abound by Marriott Vacations program, enhancing offerings for Owners. The full-year guidance estimates net income between $365 million and $395 million.

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced an increase in its stock repurchase authorization by $500 million. In the second quarter of 2022, the company repurchased over 1.4 million shares for $193 million at an average price of $135.77 per share. Following the second quarter, approximately 1.1 million shares were repurchased for $131 million at an average price of $124 per share. After the increase, the total remaining capacity for repurchases stands at $528 million.