Marriott Vacations Beats First-Quarter Estimates
Skift Take
Marriott Vacations exceeded first quarter 2024 expectations, with steady EBITDA performance and a large share buyback, despite underwhelming results in its core Vacation Ownership segment.
The DJIA rose 32 points while Nasdaq was down 17, the S&P 500 rose 7 points and the 10 year treasury yield was down .03 to 4.46%. Lodging stocks were mixed. PLYA traded up to a new high but SOND fell -6% on the day.
Apple Hospitality reported 1Q24 results that were modestly higher than EBITDA expectations. The most positive part of the report was their commentary that April 2024 had over 4% RevPAR growth which is stronger than the rest of the lodging group has been saying. APLE gave FY24 RevPAR guidance of 2%-4%.
Marriott Vacations beat 1Q24 expectations with Truist once again using dry humor, saying the best news is once again that there were no negative surprises. While EBITDA was well above expectations, VAC did not change their full year guidance and Truist pointed out that VAC’s core Vacation Ownership segment had disappointing results, most l
