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Bethesda-based Marriott International Inc. (File photo/Marriott International)
Bethesda-based Marriott’s Q2 earnings report exceeds Wall Street expectations
Listen to this articleBethesda-based Marriott International Inc. on Wednesday reported second-quarter net income of $772 million.
The hospitality company said it had net income of $2.69 per share. Earnings, adjusted for one-time gains and costs, came to $2.50 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.49 per share.
The hotel company posted revenue of $6.44 billion in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $6.5 billion.
For the current quarter ending in September, Marriott expects its per-share earnings to range from $2.27 to $2.33.
The company expects full-year earnings in the range of $9.23 to $9.40 per share.
Company President and CEO Anthony Capuano said the company enjoyed a jump in net rooms of 6% and year over year and worldwide RevPAR growth of nearly 5%, as consumers continued to prioritize travel. International RevPAR increased more than 7%, with Asia Pacific excluding China leading the way, posting an impressive 13% RevPAR increase from the year-ago quarter.
Marriott has already returned $2.8 billion to its shareholders year-to-date through July 29. Capuao added the company expects to return approximately $4.3 billion to its shareholders in 2024 through share repurchases and dividends.
