Categorized | Hotels

MARRIOTT Q2 PROFIT TRIPLE FROM PREVIOUS YEAR…

Posted on 19 July 2010

Marriott International said that its second-quarter profit more than tripled from a year earlier and raised its full-year earnings outlook as revenue improved. The hotel operator said it earned $119 million, or 31 cents per share, for the three months that ended June 18, up from a profit of $37 million, or 10 cents a share, in the comparable period in 2009. Revenue climbed 8% to $2.77 billion, fueled by a boost in room rates and fees. Analysts had expected Marriott to earn 28 cents per share with revenue of $2.75 billion. On Wednesday, Marriott said it raised room rates and expects to continue doing so in the second half of the year and in 2011. Revenue per available room climbed 9.9% at company-owned locations. Marriott’s average room rate also climbed, by 1.7% in North America-its first gain in nearly two years.

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