Marriott (NASDAQ:MAR) earnings for first quarter of 2020 have MAR stock falling on Monday. That’s due to it reporting adjusted earnings per share (EPS) of 26 cents, which doesn’t meet Wall Street’s estimate of 91 cents. On the other hand, its revenue of $4.68 billion is better than analysts’ estimates of $4.27 billion.
Let’s take a more in-depth look at the most recent Marriott earnings report below.
- Adjusted per-share earnings are down 82% from $1.41 in the same period of the year prior.
- Revenue for the quarter is sitting 7% lower compared to $5.01 billion in the first quarter of 2019.
- Operating income of $114 million is a 78% decline year-over-year from $510 million.
- The Marriott earnings report also has net income coming in at $31 million.
- That’s 92% worse than the company’s net income of $375 million from the same time last year.
Arne Sorenson, president and CEO of Marriott, said this about the Q1 earnings:
“In the last few months we have seen the impact of COVID‐19 spread throughout our business in an unprecedented way. As the pandemic moved around the world, we saw global RevPAR fall sharply and, in April, worldwide RevPAR declined approximately 90 percent. Currently, roughly a quarter of our worldwide hotels are closed.”
Marriott doesn’t provide a guidance update in the earnings report. It’s withholding guidance due to the effect that the novel coronavirus is having on its business. Many other companies are doing the same.
MAR stock was down 5.6% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.