Marriott International Inc. (MAR) Tops Q1 EPS by 6c; Issues Solid Outlook

Marriott International Inc. (NASDAQ: MAR) reported Q1 EPS of $0.57, $0.06 better than the analyst estimate of $0.51. Revenue for the quarter came in at $3.29 billion versus the consensus estimate of $3.3 billion. North American comparable systemwide RevPAR rose 6.3 percent in the first quarter with average daily rates up 3.3 percent;

Marriott International Inc. sees Q2 2014 EPS of $0.63-$0.68, versus the consensus of $0.67.

Marriott International Inc. sees FY2014 EPS of $2.39-$2.53, versus the consensus of $2.40.

"North American group and transient demand exceeded our expectations during the quarter, driving RevPAR and house profit margins higher. We were particularly pleased to see higher food and beverage spending by both groups and transient guests.

"While hotel industry supply in North America is growing only modestly, particularly in the full-service segment, we are taking a greater share of new hotels being developed around the world, reflecting owners' and franchisees' confidence in our brands and operational strength. At quarter-end, we had over 200,000 rooms in our development pipeline, a 35 percent increase from a year ago.

"On April 1, we became the largest hotel company in Africa after completing our acquisition of the Protea Hospitality Group. We look forward to new opportunities for growth in Africa.

"Looking ahead, we expect demand to remain strong, with North American comparable company-operated RevPAR increasing 4 ½ to 6 ½ percent in 2014 and property-level house profit margins improving 100 to 150 basis points. We expect 5 percent net rooms growth worldwide and another year of record signings from our development team.

"We remain committed to increasing RevPAR, growing our distribution globally and controlling costs in order to drive earnings and shareholder value. Over the past 4 years, we have repurchased 103.1 million shares for approximately $3.8 billion and 21.6 million shares for $973 million in the last four quarters alone."

For earnings history and earnings-related data on Marriott International Inc. (MAR) click here.

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