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Marriott Vacations’ (VAC) Q3 Earnings in Line With Estimates
Marriott Vacations Worldwide Corporation VAC reported mixed third-quarter 2021 results, with earnings meeting the Zacks Consensus Estimate and revenues missing the same. Following the announcement, shares of the company dropped 1.4% during trading hours on Nov 8. Despite softness in few markets due to the Delta variant, management stated that it witnessed strong occupancies (at pre-pandemic levels for most of its North America resorts) and solid contract sales. Stephen P. Weisz, CEO, stated, “First time buyers represented more than 30% of contract sales in the third quarter, which is important for the long-term health of the system. The fourth quarter has started well with October contract sales above 2019 levels…