Marriott Reports Solid Third-Quarter Financial Results

Marriott Reports Solid Third-Quarter Financial Results By Claudette Covey October 31, 2013 10:18 AM Marriott International released third-quarter financial results, reporting almost $3.2 billion in revenues compared to more than $2.7 billion for the same period last year. The company reported net income of $160 million, a 12 percent increase compared to the same period last year. Diluted earnings per share (EPS) came to 52 cents, an 18 percent increase over last year’s third quarter. “We had a solid quarter with worldwide REVPAR up nearly 5 percent year-over-year. Short-term group business picked up in North America and occupancy rates reached nearly 75 percent worldwide,” said Arne M. Sorenson, president and CEO of Marriott International. “Room rates moved higher, in part due to an improving mix of business, contributing about three-quarters of the REVPAR increase in the quarter, and the number of company-operated and franchised rooms in our portfolio rose 4 percent year-over-year.” Because of Marriott’s change in the fiscal calendar beginning in 2013, the third quarter of this year reflect the period from July 1 through Sept. 30 (92 days) compared to last year’s third quarter, which reflect the period from June 16 through Sept. 7 (84 days)