Big Cities Deliver Big Results for Marriott
Rising occupancies and room rates boost earnings.
With results boosted by strong demand in big cities, hotel operator Marriott International (MAR) on Thursday reported earnings for the three months ended June 16 of 50 cents per share--2 cents better than the consensus estimate and up 19% from the year-earlier period.
In late 1999, the company had guided estimates lower for its 2000 results. Thus, today's better-than-expected earnings were well-received on Wall Street, where shares rose about 3% to $38, even though they were based on lowered expectations.
Richard Wilson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.