Marriott Vacations Worldwide Reports 1st Qtr Financials

Marriott Vacations Worldwide Corp, a timeshare development company that was spun off from Marriott International Inc. last year, reported that its net income fell by half in the first-quarter on charges related to its transition to a stand-alone company. The Orlando based company earned $9 million, or 24 cents per share, in the first three months of the year. It earned $19 million in the first-quarter of 2011.
 
Adjusted to compare the company's results in both periods as if it were a stand-alone company since the beginning of 2011 and excluding some legal charges and severance costs, the company said it would have earned $10 million, or 27 cents per share, in the most recent quarter, the same as a year ago.

Revenue rose to $372 million from $371 million a year ago.

Analysts expected a profit of 22 cents per share on higher revenue of $388.6 million.

For the full year, the company still expects to earn between $37 million and $43 million, or $1.03 to $1.17 per share. Analysts expect $1.12 per share.

The stock rose 52 cents to $30.40 in afternoon trading after trading at a new high of $30.94 earlier in the session.