Marriott International Inc MAR reported Q3 FY23 sales growth of 12% Y/Y to $5.93 billion, beating the analyst consensus of $5.89 billion.
Comparable systemwide constant dollar RevPAR increased 8.8% Y/Y worldwide, 4.3% Y/Y in the U.S. & Canada, and 21.8% Y/Y in international markets.
Adjusted EPS of $2.11 was in line with the analyst consensus.
Total expenses rose 11% Y/Y to $4.8 billion. Adjusted EBITDA for the quarter rose 16% Y/Y to $1.14 billion.
Adjusted operating margin for the quarter expanded to 62% from 59% a year ago, with adjusted operating income surging 18% Y/Y to $959 million.
At the end-Q3, total debt was $11.8 billion and cash and equivalents stood at $0.7 billion.
In Q3, Marriott repurchased 4.8 million shares of common stock for $950 million. The company added about 17,200 rooms globally during Q3.
"In the U.S. & Canada, RevPAR rose more than 4 percent, with many urban markets showing outsized growth. Group and business transient saw mid-single digit hotel revenue gains in the quarter, largely driven by rate increases," said Anthony Capuano, President and CEO.
Outlook: The company expects Q4 Adjusted EPS of $2.04-$2.13, against the consensus of $2.19. It sees Q4 gross fee revenues of $1.185 billion - $1.215 billion.
Marriott revised its FY23 Adjusted EPS outlook to $8.50-$8.59 from $8.36 - $8.65 versus the consensus of $8.63.
MAR revised FY23 gross fee revenues outlook to $4.765 billion-$4.795 billion from $4.73 billion - $4.82 billion earlier.
Price Action: MAR shares are trading lower by 2.13% at $184.78 on the last check Tuesday.
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