ORLANDO, Fla. (AP) _ Marriott Vacations Worldwide Corp. (VAC) on Wednesday reported a second-quarter loss of $70 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Orlando, Florida-based company said it had a loss of $1.68. Losses, adjusted for one-time gains and costs, were $1.76 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of $1.11 per share.
The timeshare company posted revenue of $480 million in the period, which beat Street forecasts. Six analysts surveyed by Zacks expected $450.1 million.
Marriott shares have decreased 30% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $90.21, a drop of 12% in the last 12 months.