UPDATE: Marriott Posts Q3 Profit

Marriott International

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.