Marriott (NASDAQ:MAR) announced its latest quarterly earnings results after the bell today, bringing in profit that gained more than 30% and topped what analysts projected, while revenue missed expectations.
The Bethesda, Md.-based hotel chain amassed a fourth-quarter net income total of $317 million, or 92 cents per share, topping the year-ago total of $114 million, or 31 cents per share. Its adjusted earnings were $1.44 per share, a 32% gain when compared to its fourth quarter from fiscal 2017.
Analysts were calling for Marriott to rake in adjusted earnings of $1.39 per share, according to a survey conducted by Investing.com.
The publication also called for revenue of $5.53 billion, which is higher than the company’s fourth-quarter sales of $5.29 billion. In the year-ago quarter, the business brought in adjusted earnings of $1.70 per share on sales of $5.05 billion.
Marriott added that its worldwide comparable system-wide revenue per available room (RevPAR) edged 1.3% higher, including a 4% gain outside North America and a 0.2% increase in North America. The hotel company also incorporated 80,000 new rooms to its business during its fiscal 2018.
“We are pleased that, just over two years since the acquisition, the integration of Starwood is nearly complete. With the announcement of our new loyalty brand, Marriott Bonvoy, just a few weeks ago, customers are enjoying the meaningful benefits of the combined company,” said Marriott CEO Arne Sorenson.
MAR stock was down about 1% during regular trading on Thursday ahead of the hotel operator’s quarterly results. Despite a positive announcement on the earnings front, it was a mixed three-month period for Marriott, leaving shares unchanged after hours.