by InvestorPlace Staff | October 4, 2012 9:02 am
Hotelier Marriott International (NYSE:MAR) was set to open Thursday slightly higher after it mixed a better-than-expected third-quarter earnings announcement Wednesday with a weak Q4 outlook.
The company flipped from a $179 million (52-cent-per-share) loss a year ago — caused by the spin-off of its time share business — to a $143 million (44-cent) gain in 2012’s third quarter, beating analyst expectations for 40 cents per share. The profits came on a roughly 5% decline in revenue to $2.73 billion.
Comparable revenue per available room (revPAR) rose 13% in the Middle East and Africa, 6.8% in the Asia-Pacific region, 6.3% in North America and 3.8% in Europe.
Fourth-quarter profit forecasts of 52 to 56 cents came in under Street estimates of 57 cents, however.
MAR shares were up 2% in Thursday’s pre-market trading.
Source URL: http://investorplace.com/2012/10/marriott-pleases-with-third-quarter-earnings/
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