UPDATE: Marriott Posts Q3 Profit
Marriott International (NYSE: MAR) posted a profit in the third quarter.
Marriott now expects full-year earnings of $1.68 to $1.72 per share, versus its earlier forecast of $1.65 to $1.75 per share. It projects Q4 earnings of $0.52 to $0.56 per share, versus analysts' estimates of $0.57 per share.
Marriott posted a quarterly profit of $143 million, or $0.44 per share, versus a year-earlier loss of $179 million, or $0.52 per share.
Its revenue fell 5% to $2.73 billion. However, analysts were expecting earnings of $0.40 per share on revenue of $2.65 billion.
Marriott's average daily rates increased 4.7%.
Marriott shares gained 2.05% to $39.80 in after-hours trading.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.