Marriott International Inc (MAR) Revenue Gained 43.7% Year-Over-Year

Advertisement

Marriott International Inc (NASDAQ:MAR) posted mixed third-quarter results after hours Tuesday that sent shares falling slightly.

Marriott International Inc (MAR)The company posted earnings of $11.6 million, or 11 cents per share, which was in line with the consensus estimate of 11 cents per share. The hotel operator’s bottom line came in at $413 million, or $1.10 per share, which topped the year-ago mark of $70 million, or 26 cents per share.

Revenue for the quarter hiked up 43.7% to $5.66 billion, compared to the $3.94 billion raked in a year ago. Marriott International’s worldwide comparable systemwide constant dollar RevPAR gained 2.1% in the quarter, while this figure rose 0.4% in North America.

The company was busy building more hotels over the three months as it added 22,800 rooms, including more than 3,600 rooms that were converted from competitor brands, as well as 8,000 rooms in international markets.

Marriott International’s worldwide development pipeline surged to approximately 450,000 rooms. About 41,000 of these rooms were approved but have not been signed to contracts as of yet.

The company repurchased 7.8 million shares of its common stock for $800 million during the third quarter. On a year-to-date basis through November 7, Marriott International has repurchased 23.9 million shares for $2.4 billion.

“In the third quarter, many of our hotels were rocked by destructive hurricanes in the CaribbeanTexas, and Florida and the earthquakes in Mexico,” said Arne M. Sorenson, president and CEO of Marriott International.

MAR shares lost 0.9% during regular trading hours before slipping 0.1% after the bell.


Article printed from InvestorPlace Media, https://investorplace.com/2017/11/marriott-international-inc-mar-2/.

©2024 InvestorPlace Media, LLC