Marriott International Reports Fourth Quarter Earnings
On February 19, Marriott International (NASDAQ: MAR) reported its fourth quarter and full year 2013 results and shares of the lodging company have taken a hit in after hours trading.
Marriott's full year net income produced an aggregate total of $626 million which was compared to $571 million for the full year 2012. Revenue for the lodging company is currently at $3.2 billion, which will by 500 million in comparison to the year before.
Marriott currently has $126 million in cash in comparison to $88 million for the year before.
Arne M. Sorenson, president and chief executive officer of Marriott International stated, “2013 was a year of firsts. Strong REVPAR growth and new hotels drove Marriott's fee revenue to a record $1.5 billion. We signed contracts with owners and franchisees for 67,000 new rooms, the most productive year in our history averaging more than one hotel every day. Our development pipeline reached a record 195,000 rooms.”
Marriott also added 47 new properties to its portfolio. Marriott also expects its sales to increase anywhere from four to six percent. For the most part, administrative expenses will remain the same.
Shares of Marriott are currently trading down $1.04 or 2.02 percent.
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