{"id":18390,"date":"2015-10-15T17:45:07","date_gmt":"2015-10-15T22:45:07","guid":{"rendered":"http:\/\/news.medill.northwestern.edu\/chicago\/?p=18390"},"modified":"2015-10-15T17:45:07","modified_gmt":"2015-10-15T22:45:07","slug":"strong-dollar-hurts-marriott-vacations-quarterly-profit","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/strong-dollar-hurts-marriott-vacations-quarterly-profit\/","title":{"rendered":"Strong dollar hurts Marriott Vacations quarterly profit"},"content":{"rendered":"<p>By Kristen Vake<\/p>\n<p>Shares of Marriott Vacations Worldwide Corp. plummeted 15 percent Thursday after the timeshare company reported weaker-than-expected quarterly earnings that it blamed on the strong U.S. dollar.<\/p>\n<p>Net income in the quarter ended Sept. 11 was down almost 16 percent to $21.6 million, or 67 cents per diluted share, compared with earnings of $25.6 million, or 75 cents per diluted share, in the third quarter a year ago.\u00a0Adjusted earnings were 82 cents a share, below the 87 cents expected by analysts.<br \/>\n<!--more--><\/p>\n<p>\u201cWe have seen the weakening of foreign currencies against the U.S. dollar. In fact, contract sales through these channels were down over $7 million in the quarter, primarily in our Latin America sales channels,\u201d said Chief Financial Officer and Executive Vice President John Geller Jr. in a conference call with analysts.<\/p>\n<p>A stronger U.S. dollar makes American goods and services more expensive to overseas buyers. In addition, Latin American economies have been under pressure from falling commodity prices.<\/p>\n<p>Revenue at the Orlando, Florida-based company fell 1.5 percent to $407 million in the third quarter from $413 million a year ago, coming in below the Zacks Investment Management estimate of $431 million.<\/p>\n<p>Marriott Vacations raised its guidance for adjusted earnings per share to a range of $3.33 to $3.52 from $3.29 to $3.48 previously, but said contract sales would be flat to up 2 percent. The company previously was forecasting 5 percent to 8 percent contract sales growth.<\/p>\n<p>President and CEO Stephen P. Weisz said the company is working to improve contract sales by ramping up marketing for its tours and adding new sales locations.<\/p>\n<p>The company said it would be back in the market next week to resume share repurchases after the board this week approved up to 2 million additional shares. The company repurchased nearly $40 million of its shares in the quarter just ended.<\/p>\n<p>Shares of Marriott Vacations closed Thursday down $11.24 at $62.93. <\/p>\n<div id=\"featurecaption\">Photo at top: [Marriott Vacation Worldwide saw weaker quarterly earnings due to the weakening of foreign currencies against the U.S. dollar]<br \/>\n(David Stanley\/Creative Commons) <\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Kristen Vake Shares of Marriott Vacations Worldwide Corp. plummeted 15 percent Thursday after the timeshare company reported weaker-than-expected quarterly earnings that it blamed on the strong U.S. dollar. Net income in the quarter ended Sept. 11 was down almost 16 percent to $21.6 million, or 67 cents per diluted share, compared with earnings of [&hellip;]<\/p>\n","protected":false},"author":153,"featured_media":18398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,436],"tags":[],"class_list":["post-18390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-spring-2015"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Strong dollar hurts Marriott Vacations quarterly profit - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/strong-dollar-hurts-marriott-vacations-quarterly-profit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strong dollar hurts Marriott Vacations quarterly profit - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Kristen Vake Shares of Marriott Vacations Worldwide Corp. plummeted 15 percent Thursday after the timeshare company reported weaker-than-expected quarterly earnings that it blamed on the strong U.S. dollar. Net income in the quarter ended Sept. 11 was down almost 16 percent to $21.6 million, or 67 cents per diluted share, compared with earnings of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/news.medill.northwestern.edu\/chicago\/strong-dollar-hurts-marriott-vacations-quarterly-profit\/\" \/>\n<meta property=\"og:site_name\" content=\"Medill Reports Chicago\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-15T22:45:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.amazonaws.com\/medill.wordpress.offload\/WP%20Media%20Folder%20-%20medill-reports-chicago\/wp-content\/uploads\/sites\/3\/2015\/10\/Marriott-earnings.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"825\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kristen Vake\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kristen Vake\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/news.medill.northwestern.edu\\\/chicago\\\/strong-dollar-hurts-marriott-vacations-quarterly-profit\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/news.medill.northwestern.edu\\\/chicago\\\/strong-dollar-hurts-marriott-vacations-quarterly-profit\\\/\"},\"author\":{\"name\":\"Kristen Vake\",\"@id\":\"https:\\\/\\\/news.medill.northwestern.edu\\\/chicago\\\/#\\\/schema\\\/person\\\/d364374d2189b18733483031700293f7\"},\"headline\":\"Strong dollar hurts Marriott Vacations quarterly profit\",\"datePublished\":\"2015-10-15T22:45:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/news.medill.northwestern.edu\\\/chicago\\\/strong-dollar-hurts-marriott-vacations-quarterly-profit\\\/\"},\"wordCount\":331,\"image\":{\"@id\":\"https:\\\/\\\/news.medill.northwestern.edu\\\/chicago\\\/strong-dollar-hurts-marriott-vacations-quarterly-profit\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/s3.amazonaws.com\\\/medill.wordpress.offload\\\/WP%20Media%20Folder%20-%20medill-reports-chicago\\\/wp-content\\\/uploads\\\/sites\\\/3\\\/2015\\\/10\\\/Marriott-earnings.jpg\",\"articleSection\":[\"Business\",\"Spring 2015\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/news.medill.northwestern.edu\\\/chicago\\\/strong-dollar-hurts-marriott-vacations-quarterly-profit\\\/\",\"url\":\"https:\\\/\\\/news.medill.northwestern.edu\\\/chicago\\\/strong-dollar-hurts-marriott-vacations-quarterly-profit\\\/\",\"name\":\"Strong dollar hurts Marriott Vacations quarterly profit - 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