Marriott Vacations Worldwide Q2 Profit Up; Lifts FY13 Adj. EPS View

(RTTNews) - Marriott Vacations Worldwide Corp.'s (VAC) second quarter 2013 net income totaled $30 million, or $0.85 per share, up from $5 million, or $0.15 per share, in the second quarter of 2012.

Second quarter 2013 adjusted net income totaled $27 million, a $16 million increase from $11 million of adjusted net income in the second quarter of 2012. Second quarter 2013 adjusted net income reflected a reduction of $5 million of pre-tax income that resulted from the exclusion of $9 million of pre-tax income related to the impact of extended rescission periods in the company's Europe segment, partially offset by the exclusion of $2 million of organizational and separation related costs, $2 million of severance costs and an impairment charge in the company's Europe segment and a nominal net impact related to a joint venture project that was previously included in the company's former Luxury segment.

Adjusted earnings per share in the second quarter were $0.73 compared to $0.33 in the second quarter of 2012.

Total revenues for the quarter rose to $421.00 million from $383.00 million in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share and revenues of $403.25 million for the quarter. Analysts' estimates typically exclude special items.

For the full year 2013, the company now expects adjusted earnings of $1.94 to $2.10 per share, up from its prior estimate of $1.87 to $2.03 per share. Analysts expect the company to report earnings of $2.02 per share for fiscal 2013.