Investing.com -- Shares in Marriot International (NASDAQ:MAR) fell slightly in after-hours trading in spite of soaring profits last company that prompted the global hotel chain to upgrade its forward guidance for the remainder of 2015.
Marriott, the world's third-largest hotel chain, saw its profit surge by 25% over its last quarter, amid a stronger dollar which helped boost demand in hotel stays at its foreign properties in more than 80 countries. During Marriott's second quarter which ended in late-June, the Bethesda, Maryland-based company recorded net profit of $240 million or 0.87 per share, up from $192 million or 0.64 per share in the same quarter last year. The company previously forecasted per share earnings of 0.78 to 0.83 for the quarter.
Over the three month period, the company opened over 20,000 rooms, including 9,600 in Canada following its acquisition of Delta Hotels and Resorts in late-January.
"We were pleased with our results in the quarter. With many hotels reporting peak occupancy rates, room rates continue to move higher," Marriott CEO Arne Sorenson said in a statement. "We see great growth potential for Delta around the world. In just the last two months, we have received inquiries regarding the possible conversion of more than 50 hotels in the U.S. and Canada to the Delta brand."
After reaching its goal of having one million rooms open or under development six months ahead of a company-imposed deadline, Marriott is now focused on increasing its room distribution by a net of 7% for 2015. On Wednesday, Marriott increased its full-year outlook to per share earnings of 3.10 to 3.18, up from previous guidance of 3.00 to 3.12.
For the current quarter, Marriott offered a per share outlook of 0.72 to 0.76 just below analysts' forecasts of a 0.77 EPS. The subdued forecast may have triggered a minor sell-off after the quarterly release.
Marriott shares rose by more than 3.2% in Wednesday's session to 77.00, before falling by more than 1.25% in after-hours. Shares in Marriott are still up by more than 17% over the last 52 weeks.