MAR stock of Marriott International,
It fell 4.4% in premarket trading Tuesday after the hotel operator's fourth-quarter revenue and 2024 earnings outlook fell short of analyst estimates, despite a rise in its fourth-quarter profit.
marriott mar,
It said its net income in the fourth quarter rose to $848 million, or $2.87 per share, from $673 million, or $2.12 per share, in the same quarter last year.
Marriott's fourth-quarter adjusted earnings of $3.57 per share beat the FactSet consensus estimate of $2.12 per share.
Fourth-quarter revenue rose to $6.1 billion from $5.9 billion but fell short of analysts' estimates of $6.2 billion.
Marriott said its hotel leisure revenues recovered to exceed 2019 levels, which marked the last year before the travel impact caused by the COVID-19 pandemic.
“Although they had already significantly exceeded 2019 levels, hotel leisure revenues were again up 2%,” the company said. “Transit business revenue at our hotels increased 3% compared to the same quarter last year, with demand from large corporate customers continuing to drive gains.”
Looking ahead, Marriott expects adjusted first-quarter earnings of $2.12 per share to $2.19 per share, below the FactSet estimate of $2.30 per share.
For 2024, Marriott expects adjusted earnings of $9.18 to $9.52 per share, below analyst estimates of $9.68 per share.
Marriott said it expects to return between $4.1 billion to $4.3 billion to shareholders in 2024 after factoring in its $500 million acquisition of the Sheraton Grand Chicago.
Read also: Marriott and Hilton have added thousands of hotel rooms in 2023 amid a travel rebound
