Now Reading
Marriott beats expectations this semester as tourists return

Marriott beats expectations this semester as tourists return

The U.S. hotel group reported adjusted earnings of $1.80 per share, compared with the average analyst expectation of $1.56, according to Refinitiv data.

 

Marriott Hotel Group’s second-quarter revenue rose 70% year over year to $5.34 billion, compared with analysts’ expectations of $4.92 billion.

 

Marriott said it expects adjusted earnings per share to be above expectations for the third quarter. The group’s reported operating profit rose to $950 million in the second quarter of 2022 from $486 million in the second quarter of 2021. Adjusted operating income for the second quarter of 2022 was $857 million, compared to $406 million in the second quarter of 2021.

 

Marriott’s development

 

The company added 97 properties (and 16,917 rooms) to its global lodging portfolio during the second quarter of 2022, including nearly 4,400 rooms converted from competing brands and approximately 9,200 rooms in international markets. At the end of the quarter, Marriott’s lodging system had more than 8,100 properties, offering more than 1,500,000 rooms worldwide.

 

In the second quarter of 2022, global RevPAR (“Revenue Per Available Room”) increased 70.6 percent compared to the second quarter of 2021. RevPAR in the U.S. and Canada increased by 66.1 percent and RevPAR in international markets increased by 87.8 percent.

 

I am proud of the outstanding work our team has done since the pandemic began. This has been the most challenging period in our company’s history, but the resilience of our associates and our business model has never been more evident. Thanks to our strong cash flow and earnings, we resumed share repurchases in the second quarter, in addition to paying a cash dividend. Looking ahead, we are optimistic about our financial outlook and strong cash generation and expect to return more than $2.2 billion to shareholders through dividends and share repurchases in 2022.” commented Anthony Capuano, CEO of Marriott International.

See Also

 

 

Read also > JW Marriott continues its development

 

Featured photo : © Marriott

What's Your Reaction?
Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

COPYRIGHT 2021 LUXUS + ALL RIGHTS RESERVED

Scroll To Top