Marriott International tops Street 2Q forecasts
BETHESDA, Md. (AP) — Marriott International Inc. (MAR) on Wednesday reported second-quarter earnings of $247 million.
The Bethesda, Maryland-based company said it had profit of 96 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were $1.03 per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 98 cents per share.
The company posted revenue of $3.9 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $3.86 billion.
Marriott said its acquisition of Starwood Hotels & Resorts Worldwide is expected to close in the coming weeks. The $12.2 billion cash and stock deal will make Marriott the world’s largest hotelier.
Marriott International shares have increased 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 6 percent. In the final minutes of trading on Wednesday, shares hit $70.54, a drop of 4.5 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MAR at http://www.zacks.com/ap/MAR
Keywords: Marriott International Inc., Earnings Report