Marriott stock (NASDAQ:MAR) is plummeting late in the day as the company reported its latest quarterly earnings results after the bell, which were below what analysts were calling for in the Wall Street consensus estimate.
The hotel operator is heading into its fourth quarter of its fiscal 2018 on a rough note as the company said that its third quarter brought in earnings of $483 million, or $1.38 cents per share. The figure is slightly below what the company amassed during the year-ago quarter, when it raked in earnings of $485 million, or $1.29 per share.
Marriott added that on an adjusted basis, the company brought in earnings of about $598 million, or $1.70 per share. The figure was stronger than the $397 million, or $1.05 per share it raked in during the year-ago quarter.
Analysts were calling for the company to bring in adjusted earnings of $1.31 per share, according to data compiled by FactSet in a survey of analysts. Marriott added that its revenue for its third quarter reached $5.05 billion, which marked a decline from the $5.08 billion it brought in during the year-ago period.
The Wall Street consensus estimate was calling for revenue of $5.3 billion, according to data compiled by FactSet.
MAR stock is sinking about 4.8% after the bell on Monday following the company’s quarterly earnings results. Shares had been declining about 0.2% during regular trading hours in anticipation of the company’s quarterly report.
