Shares of Marriott International rose on Tuesday after the hotel chain reported jumping profits and sales from a year ago and raised its financial outlook as travel demand soared.
Marriott (stock ticker: MAR) reported first-quarter adjusted earnings of $2.09 per share on revenue of $5.62 billion, above the FactSet consensus of $1.85 per share on revenue of $5.45 billion. Last year, Marriott reported adjusted earnings of $1.25 per share on revenue of $4.2 billion.
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Shares of Marriott International rose on Tuesday after the hotel chain reported jumping profits and sales from a year ago and raised its financial outlook as travel demand soared.
Marriott (stock ticker: MAR) reported first-quarter adjusted earnings of $2.09 per share on revenue of $5.62 billion, above the FactSet consensus of $1.85 per share on revenue of $5.45 billion. Last year, Marriott reported adjusted earnings of $1.25 per share on revenue of $4.2 billion.
Revenue per available room increased 34% worldwide in the first quarter over the same period in 2022.
“The lifting of travel restrictions across Asia Pacific, particularly in Greater China, significantly boosted first-quarter demand in the region,” CEO Anthony Capuano said in the earnings release. “In the United States and Canada, we saw strong demand across the leisure and group segments in the quarter, while demand across business continued to improve.”
Capuano added that while “the global economic picture is uncertain, demand remains strong, and we see no signs of slowing.”
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The hotel chain also raised its full-year earnings guidance. Adjusted earnings for the full year are now expected to be between $7.97 and $8.42 per share, compared to a previous estimate of between $7.23 and $7.91.
Shares of Marriott (MAR) rose 3.5% Tuesday to $176.13, outperforming a struggling market, with
Standard & Poor’s 500
down 1.6%. The stock is up 18% this year.
Write to Angela Palumbo at angela.palumbo@dowjones.com