NEW YORK (TheStreet) -- Shares of Diamond Resorts International (DRII)  closed up 6.99% to $24.96 after reporting record second quarter revenue and improving its outlook for the rest of the year.

The vacation company's total revenue increased 20.2% to $209.0 million for the second quarter, up from $173.9 million in the same quarter a year ago, beating the consensus estimate of $204.6 million.

Diamond Resorts posted a second quarter net loss of -$2.7 million, compared to net income of $18.0 million a year ago.