S&P 500 (NYSE:SPY) component Marriott International, Inc. (NYSE:MAR) reported results for the second quarter. Marriott International, Inc. operates and franchises hotels and related lodging facilities throughout the world.
Marriott International Earnings Cheat Sheet for the Second Quarter
Results: Net income for the lodging company rose to $135 million (37 cents per share) vs. $119 million (31 cents per share) in the same quarter a year earlier. This marks a rise of 13.4% from the year earlier quarter.
Revenue: Rose 7% to $2.97 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: MAR reported in line with the mean analyst estimate of 37 cents per share. It fell short of the average revenue estimate of $3.02 billion.
Quoting Management: J.W. Marriott, Jr., Marriott International chairman and chief executive officer, said, “Around the world, we’ve never been more excited about our opportunities. Now in 71 countries, the Marriott International brand portfolio, already the broadest in the industry, is growing rapidly. We expect to add over 200 hotels to our system in 2011, leveraging the hospitality and local one know-how of our associates with our global size, systems, and guest loyalty programs. Emerging markets provide especially attractive opportunities. In the past five years, we have increased our hotel distribution in Brazil, Russia, India and China at a 12 percent compound annual growth rate while tripling our development pipeline in those markets.”
Revenue has risen the past four quarters. Revenue increased 5.6% to $2.78 billion in the first quarter. The figure rose 7.8% in the fourth quarter of the last fiscal year from the year earlier and climbed 7.2% in the third quarter of the last fiscal year from the year-ago quarter.
Competitors to Watch: Starwood Hotels & Resorts Worldwide, Inc (NYSE:HOT), Wyndham Worldwide Corp. (NYSE:WYN), Hyatt Hotels Corporation (NYSE:H), Silverleaf Resorts, Inc. (NASDAQ:SVLF), Choice Hotels Intl., Inc. (NYSE:CHH), Gaylord Entertainment Co. (NYSE:GET), ILX Resorts Incorporated (ILXRQ), Bluegreen Corporation (NYSE:BXG), Red Lion Hotels Corp. (NYSE:RLH), and InterContinental Hotels Group PLC (NYSE:IHG).
(Source: Xignite Financials)