Marriott International, Inc. (NASDAQ:MAR) just released its first quarter 2017 financial results, posting earnings of $1.01 per share and revenues of $5.56 billion. Currently, Marriott’s is a Zacks Rank #3 (Hold), and is up 4.04% to $100.26 per share in after-hours trading shortly after its earnings report was released.
Marriott:
Beat earnings estimates. The company posted earnings of $1.01 per share (excluding $0.07 from non-recurring items), beating the Zacks Consensus Estimate of $0.90 per share.
Beat revenue estimates. The company saw revenue figures of $5.56 billion, topping our consensus estimate of $4.91 billion.
Marriott’s $5.56 billion in revenue marked a 47.7% increase year-over-year.
The world’s largest hotel chain reported net income of $365 million in the first quarter, which marks a 67% increase year-over-year. Marriott’s base management and franchise fees climbed by more than $200 million sequentially to $629 million.
The big increases are due in part to Marriott’s Sep. 2016 acquisition of Starwood Hotels & Resorts Worldwide (NYSE:HOT).
The hotel giant expects second quarter total fee revenue in the range of $820 million to $835 million. Marriot projects its full-year 2017 fee revenue to be between $3.23 billion and $3.21billion.
"We were pleased by our performance in the quarter across the board,” Marriott CEO Arne M. Sorenson said in a press release. “RevPAR exceeded our expectations in North America and Europe due to stronger group attendance and higher-rated business transient demand. Demand in Greater China and elsewhere in the Asia Pacific region was also better than expected.”
“We continue to make great progress on integrating the Starwood and Marriott lodging businesses, gaining efficiencies at both the corporate and property levels.”
Here’s a graph that looks at Marriott’s Price, Consensus and EPS Surprise history:
Marriott International, Inc. operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and Marriott Grand Residence Club brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers.
Check back later for our full analysis on Marriott’s earnings report!
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Marriott International (MAR): Free Stock Analysis Report
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