Marriott Profit Up, but Stock Falls 2% on Lower Revenue
Marriott International (NYSE: MAR) released its fiscal second-quarter earnings results after the closing bell on Wednesday. The company reported net income of $143 million or $0.42 per share, compared to $135 million or $0.37 per share, in the year ago period. This was in-line with Wall Street analysts' consensus EPS estimates of $0.42.
Total revenues in the quarter were down $2.78 billion versus $2.97 billion last year. This missed analysts' consensus revenue estimates of $2.84 billion.
Marriott also provided forward looking guidance. The company sees third-quarter earnings per share of $0.39 to $0.43 and total fee revenue of $315 million to $325 million. Currently, analysts are expecting MAR to report EPS of $0.37.
For fiscal 2012, MAR sees earnings per share in a range between $1.65 to $1.75. This compares to current analysts' consensus EPS of $1.65.
In Wednesday's after hours trading session, MAR shares were trading down a little less than 2% to $37.39.
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