Marriott net climbed on international, US growth |
| MarketWatch - Jul 13, 2011 |
Marriott International Inc.'s /quotes/zigman/213258/quotes/nls/mar MAR -4.87% second-quarter earnings climbed 13% on strong growth abroad, while the U.S. market benefits from improved lodging demand and limited supply, which have helped boost occupancies and room rates.
Still, shares fell 3.8% to $35.72 in after-hours trading, as the company offered a weak per-share outlook for the current quarter.
The company--which operates Courtyard, Residence Inn, Ritz-Carlton and its namesake hotels, among others--said revenue per available room--a key industry metric known as revpar--grew 7.7% in the second quarter, in line with April's prediction of 6% to 8% growth.
International revpar increased 12% in actual dollars, while North American revpar rose 6.6%.
The company has reported strong growth in recent quarters, helped by stronger demand in the U.S. and hot markets abroad, including China and Brazil, as well as higher daily rates. Marriott is also on track to spin off its timeshare business, Marriott Vacations, by the end of the year.
Read Full Article from MarketWatch
- Posted: 2011-07-13 20:33:46
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