Marriott (NASDAQ:MAR) earnings for the hotel company’s second quarter of 2020 have MAR stock rising higher on Monday. That is despite its adjusted losses per share of 64 cents missing Wall Street’s estimate for a loss of 42 cents. Its revenue of $1.46 billion also comes in below analysts’ estimate of $1.68 billion.
Here’s what else is worth mentioning from the most recent Marriott earnings report.
- Adjusted per-share losses are much worse than the company’s adjusted earnings per share of $1.56 from the same time last year.
- Revenue for the quarter comes in 72% lower than the $5.31 billion reported in the second quarter of 2019.
- Operating loss of $154 million is a negative switch year-over-year from an operating income of $409 million.
- The Marriott earnings report also has net loss coming in at $234 million.
- That’s a major decline compared to the company’s net income of $232 million reported in the same period of the year prior.
Arne Sorenson, president and CEO of Marriott, said this in the earnings report.
“Greater China continues to lead the recovery. As of early May, all our hotels in the region are open, and occupancy levels are now reaching 60 percent, compared to 70 percent the same time last year, and a marked improvement from single‐digit levels in February.”
Marriott currently isn’t providing guidance in its earnings report. That’s due to the effects of the novel coronavirus. This has it joining many other companies in withholding outlooks during the pandemic.
MAR stock was up 2.8% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.