Marriott Shares (MAR) Take a Trip North After Q3 Results Beat Estimates
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Price: $356.39 -0.06%
Financial Fact:
Costs and Expenses, Total: 3.77B
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Costs and Expenses, Total: 3.77B
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Shares of Marriott International (NYSE: MAR) are moving higher in after-hours trading on Wednesday after the company reported third quarter results that beat Wall Street estimates on the top and bottom line.
Revenue came in at $2.73 billion compared to estimates of $2.65 billion. Last year Marriott reported revenue of $2.9 billion, although this figure does not account for a timeshare spinoff adjustment.
Earnings came in at 44 cents, 4 cents better than estimates. North America comparable company-operated REVPAR rose 7.0 percent in the third quarter. On a constant dollar basis, worldwide comparable systemwide REVPAR rose 6.0 percent and average daily rate rose 4.7 percent using constant dollars.
Looking ahead, Arne M. Sorenson, president and chief executive officer of Marriott International, said "We expect 2013 worldwide constant dollar REVPAR to increase at a mid single-digit rate despite moderate economic growth in many markets around the world."
"We are particularly bullish about our prospects in North America and expect North American systemwide REVPAR to increase 5 to 7 percent in 2013," added Sorenson. "In that market, negotiations for special corporate business are already underway and we are targeting room rates to increase at a high single-digit rate. Group revenue on the books for 2013 for the Marriott brand in North America is up over 7 percent with rates up nearly 4 percent."
Marriott International sees fourth quarter 2012 EPS of $0.52 to $0.56, slightly below the consensus of $0.57. For the year, it sees EPS of $1.68-1.72, versus the consensus of $1.69.
Revenue came in at $2.73 billion compared to estimates of $2.65 billion. Last year Marriott reported revenue of $2.9 billion, although this figure does not account for a timeshare spinoff adjustment.
Earnings came in at 44 cents, 4 cents better than estimates. North America comparable company-operated REVPAR rose 7.0 percent in the third quarter. On a constant dollar basis, worldwide comparable systemwide REVPAR rose 6.0 percent and average daily rate rose 4.7 percent using constant dollars.
Looking ahead, Arne M. Sorenson, president and chief executive officer of Marriott International, said "We expect 2013 worldwide constant dollar REVPAR to increase at a mid single-digit rate despite moderate economic growth in many markets around the world."
"We are particularly bullish about our prospects in North America and expect North American systemwide REVPAR to increase 5 to 7 percent in 2013," added Sorenson. "In that market, negotiations for special corporate business are already underway and we are targeting room rates to increase at a high single-digit rate. Group revenue on the books for 2013 for the Marriott brand in North America is up over 7 percent with rates up nearly 4 percent."
Marriott International sees fourth quarter 2012 EPS of $0.52 to $0.56, slightly below the consensus of $0.57. For the year, it sees EPS of $1.68-1.72, versus the consensus of $1.69.
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