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After the close Wednesday, Marriott International Inc (NASDAQ: MAR) reported Q2 earnings of $1.03 versus consensus estimate of $0.98. Revenues continued to tick higher at $3.902 billion versus expectations of $3.90 billion.
The company said North American comparable system-wide RevPAR increased 3.2 percent during the quarter. International RevPAR increased 1.9 percent. Total revenues fees in Q2 were $515 million, below the company's earlier guidance range of $520 million to $530 million.
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President and CEO Arne Sorenson said, "Attendance at group meetings was on track during the quarter, group cancellations remain low and we continue to see strong future group bookings."
The company expects to increase worldwide rooms distribution by 6.5 percent in 2016.
Shares of Marriott were down about 2 percent at $69.01 in the after-hours session.
Next up for earnings will be Choice Hotels (NYSE: CHH) before the market opens on August 2 and Starwood Properties (NYSE: STWD) on August 4 premarket.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.