Why Shares of Marriott Vacations Worldwide Climbed Higher in November
Shares of Marriott Vacations Worldwide (NYSE: VAC) gained 11.7% in November, according to data provided by S&P Global Market Intelligence, despite the time-share operator reporting quarterly earnings that came in below expectations. Investors were more focused on the company's long-term outlook, and the progress made integrating a major acquisition, than they were on short-term results.
Early in the month, Marriott Vacations reported third-quarter adjusted earnings of $1.97 per share, short of the $2.03-per-share consensus, despite revenue of $1.14 billion -- $20 million ahead of what analysts expected. The quarterly results were impacted by Hurricane Dorian, which made its way up the East Coast in August, causing mandatory evacuations and sales shutdowns at a number of properties.
The company estimates that the hurricane lowered contract sales in the quarter by about $7 million.
Source Fool.com
