Hotel group Marriott International reports revenue in line with expectations in the third quarter. Adjusted earnings per share were worse than expected and the company is lowering its full-year forecasts.
”Marriott had another solid quarter, with strong room and rate growth, robust development activity and a 3 percent increase in global RevPAR (revenue per available room),” said CEO Anthony Capuano.
The report lowers the full-year outlook for RevPAR, which is the most important metric, to growth of between 2-3 percent compared to the previous forecast of 3-4 percent.
Revenue rose 5.5 percent to $6,255 million (5,928). The outcome compares with the Factset analyst consensus of $6,271.
Adjusted EBITDA amounted to USD 1,229 million (1,142), with an adjusted EBITDA margin of 19.6 percent (19.3).
Adjusted earnings per share were $2.26 (2.11), which is 2.2 percent worse than analyst consensus of $2.31.
For the fourth quarter, the company is guiding for adjusted earnings of $2.31-2.39 per share, compared to expectations of $2.42.
For the full year, adjusted earnings per share are now expected to be $9.19-9.27, previously $9.23-9.40, expected $9.36.
Source: Finware-DI.SE
