Shares of Marriott International Inc.
MAR,
-1.64%
dropped 2.6% in premarket trading Thursday, after the hotel operator reported third-quarter profit that beat expectations but provided a downbeat outlook. Net income rose to $752 million, or $2.51 a share, form $630 million, or $1.94 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.11 topped the FactSet consensus of $2.10. Revenue grew 11.6% to $5.93 billion, above the FactSet consensus of $5.86 billion, as revenue per available room increased 8.8% to $129.73 to beat expectations of $121.30. The company raised its full-year RevPAR growth guidance to 14% to 15% from 12% to 14%. But for the fourth quarter, Marriott said it expects adjusted EPS of $2.04 to $2.13, below the current FactSet consensus of $2.19, while the full-year guidance range of $8.50 to $8.59 is below expectations of $8.63. The stock has lost 7.2% over the past three months through Wednesday while the S&P 500
SPX,
+1.89%
has declined 6.1%.
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