Shares of Marriott International Inc. (NASDAQ: MAR) are up about 2% on Tuesday after the company reported third quarter revenue that topped expectations, but earnings that fell short.
The world’s largest hotel operator said revenue rose 4.6% to USD 5.28 Billion from USD 5.05 Billion last year. Analysts on average had been calling for revenue of USD 5.13 Billion.
Marriot earned an adjusted USD 1.47 per share during the three months ended September. This compares to Wall Street’s call for earnings of USD 1.49 per share. A year ago, Marriott recorded adjusted earnings of USD 1.70 per share.
The Maryland-based company said it added nearly 18,000 rooms during its third quarter. This includes about 3,100 rooms converted from competing hotel brands. By the end of September, Marriott said its global development pipeline totaled about 2,950 hotels and nearly 495,000 rooms.
The company also had more than 12 million guests join its newly revamped loyalty program, Marriott Bonvoy. It finished out the quarter with 137 million Marriott Bonvoy members.
Marriott’s revenue per available room (RevPAR), a key hotel industry metric, rose 1.5% worldwide. This includes 1.3% within North America and 1.9% outside.
For the fourth quarter, the hotel chain expects comparable RevPAR to increase 0% to 1% in North America and roughly 1% outside. For full-year 2020 Marriott is forecasting comparable RevPAR to be flat to up 2% worldwide, with growth in North America expected to be in the middle of that range
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