Marriott (NASDAQ: MAR) reported Q4 EPS of $0.85, $0.01 better than the analyst estimate of $0.84. Revenue for the quarter came in at $5.46 billion versus the consensus estimate of $4.96 billion.

• Fourth quarter reported diluted EPS totaled $0.62, a 19 percent decrease over prior year results. Fourth quarter adjusted diluted EPS totaled $0.85, a 20 percent increase over fourth quarter 2015 combined results. Adjusted 2016 fourth quarter results exclude merger-related costs. Combined 2015 fourth quarter results assume Marriott\'s acquisition of Starwood and Starwood\'s sale of its timeshare business had been completed on January 1, 2015;
• North American comparable systemwide constant dollar RevPAR rose 1.1 percent in the 2016 fourth quarter, while worldwide comparable systemwide constant dollar RevPAR rose 0.8 percent;
• During the twelve months ended December 31, 2016, Marriott and Starwood together added more than 68,000 rooms, including roughly 11,000 rooms converted from competitor brands and approximately 31,000 rooms in international markets;
• At year-end, Marriott\'s worldwide development pipeline increased to more than 420,000 rooms, including nearly 34,000 rooms approved, but not yet subject to signed contracts;
• Fourth quarter reported net income totaled $244 million, a 21 percent increase over prior year results. Fourth quarter adjusted net income totaled $334 million, a 15 percent increase over prior year combined results;
• Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $756 million in the quarter, an 11 percent increase over fourth quarter 2015 combined adjusted EBITDA;
• For full year 2016, Marriott repurchased 8.0 million shares of the company's common stock for $573 million, including 4.3 million shares for $348 million in the fourth quarter.

Marriott expects full year 2017 adjusted EBITDA could total $3,075 million to $3,175 million, a 3 to 6 percent increase compared to full year 2016 combined adjusted EBITDA of $2,987 million. See page A-13 for the adjusted EBITDA calculation. Legacy-Starwood hotels previously sold contributed roughly $20 million of combined adjusted EBITDA in 2016.

	First Quarter 2017	Full Year 2017
Total fee revenue1	$740 million to $750 million	$3,175 million to $3,245 million
Owned, leased and other revenue, net of direct expenses1	$60 million to $70 million	$345 million to $360 million
Depreciation, amortization, and other expenses	Approx. $70 million	Approx. $280 million
General, administrative, and other expenses	$225 million to $230 million	$895 million to $905 million
Operating income	$500 million to $525 million	$2,335 million to $2,430 million
Gains and other income	Approx. $0 million	Approx. $0 million
Net interest expense2	Approx. $65 million	Approx. $260 million
Equity in earnings (losses)	Approx. $10 million	$35 million to $40 million
Earnings per share3	$0.87 to $0.91	$3.79 to $3.97
Tax rate4	23.8 percent	30.8 percent

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