Diamond Resorts (DRII) Tops Q2 EPS by 26c; $100M Stock Buyback Plan

Diamond Resorts (NYSE: DRII) reported Q2 EPS of $0.65, $0.26 better than the analyst estimate of $0.39. Revenue for the quarter came in at $222 million versus the consensus estimate of $213.3 million.

The company also authorization of a $100 million share repurchase program.

David F. Palmer, President and Chief Executive Officer, stated, “This was another outstanding quarter for our business, and the fifth consecutive record quarter since our IPO. We have continued to execute our capital-efficient business strategy and generate substantial free cash flow. Because of our strong execution and performance to date, and our confidence in the continued strength of our business plan, we are once again raising our full year 2014 guidance. Additionally, our Board of Directors has authorized a $100 million share repurchase program that we anticipate initiating this quarter. This repurchase program reflects the Company’s strong financial condition and the confidence our Board and management team have in our ability to continue executing and generating strong free cash flow, and this program will not preclude us from other opportunities to effectively utilize our cash. We view this program as an effective way to enhance shareholder value as we see tremendous value in Diamond Resorts stock.

For earnings history and earnings-related data on Diamond Resorts (DRII) click here.

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