Marriott Vacations Worldwide (NYSE: VAC) reported Q1 EPS of ($1.76), $0.52 worse than the analyst estimate of ($1.24). Revenue for the quarter came in at $480 million versus the consensus estimate of $445.57 million.

Second Quarter 2020 Highlights and Operational Update:

• Consolidated Vacation Ownership contract sales totaled $30 million in the second quarter of 2020.
• Net loss attributable to common shareholders was $70 million, or $1.68 loss per fully diluted share.
• Adjusted net loss attributable to common shareholders was $72 million and Adjusted fully diluted loss per share was $1.76.
• Adjusted EBITDA reflected a loss of $10 million in the second quarter of 2020.
• Cash and cash equivalents totaled $566 million at the end of the second quarter of 2020 and the Company had nearly all of its capacity available under its $600 million Revolving Corporate Credit Facility.
• Subsequent to the end of the second quarter, the Company completed a securitization of timeshare receivables, issuing $375 million of notes at an overall weighted average interest rate of 2.53% and a 98% gross advance rate, generating net proceeds of $53 million after payoff of the Company's Warehouse Credit Facility and required expenses.

"The COVID-19 pandemic continues to severely impact our business and create nearer term uncertainty," said Stephen P. Weisz, president and chief executive officer. "However, beginning in late May, we saw our resort occupancies quickly build in states where restrictions had been lifted, illustrating the resilience of our customers and our leisure-focused business model. With occupancies returning, we have already reopened approximately 70% of our sales centers and are very encouraged as sales start to return. With results improving, we now expect cash flow in the second half of the year to be positive."

For earnings history and earnings-related data on Marriott Vacations Worldwide (VAC) click here.