In a note dated October 28, Deutsche Bank analyst Carlo Santarelli provided his take on Marriott International Inc's MAR third quarter earnings results.
Santarelli began by noting Marriott posted an EPS of $0.65 beating both his ($0.61) and consensus ($0.62) estimates. He added the strong performance was broad-based across all reporting segments. However, he did highlight a $19 million benefit from deferred base management and re-licensing fees, which he feels are mostly one time in nature.
Looking to the company's buybacks, Santarelli noted Marriott repurchased $300 million worth of shares in the third quarter and has already repurchased ~3.9 million shares in the fourth quarter. According to Santarelli, the high number of repurchases this early into the quarter suggests the company was active during the recent pullback.
In a forward look, Santarelli noted the company is guiding a fourth quarter EPS in the range of $0.62 to $0.66 and EBITDA ranging from $367-382 million.
Santarelli commented, "Despite some seemingly one-time benefits on the fee line, our sense is that investors seeking US-centric beat and raise/return of capital stories are likely to react favorably to this print."
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