Benzinga - by Nabaparna Bhattacharya, Benzinga Editor.
Marriott International (NASDAQ:MAR) reported fourth-quarter adjusted earnings per share of $3.57, beating the analyst consensus of $2.12.
The company reported revenue of $6.095 billion, missing the consensus of $6.20 billion.
Fourth quarter 2023 comparable systemwide constant dollar RevPAR increased 7.2% worldwide, 3.3% in the U.S. & Canada, and 17.4% in international markets, compared to the 2022 fourth quarter.
Adjusted EBITDA totaled $1.197 billion in the 2023 fourth quarter, compared to year-ago adjusted EBITDA of $1.090 billion.
Adjusted operating income in the fourth quarter totaled $992 million, compared to the 2022 fourth quarter adjusted operating income of $926 million.
The company added nearly 81,300 rooms globally during 2023, including approximately 17,500 rooms associated with the City Express transaction and more than 43,000 other rooms in international markets. Net rooms grew 4.7% from year-end 2022.
Incentive management fees totaled $218 million in the 2023 fourth quarter, a 17% increase compared to $186 million in the year-ago period. Managed hotels in international markets contributed two-thirds of the incentive fees earned in the quarter.
At year-end 2023, Marriott’s total debt was $11.9 billion and cash and equivalents totaled $0.3 billion, compared to $10.1 billion in debt and $0.5 billion of cash and equivalents at year-end 2022.
Outlook: Marriott International expects first-quarter adjusted EPS of $2.12-$2.19 versus the $2.30 estimate. The company projects FY24 adjusted EPS of $9.18-$9.52 versus the $9.69 estimate.
Marriott International sees net room growth of 5.5% to 6% in FY24.
Price Action: MAR shares are trading lower by 5.60% to $234.90 on the last check Tuesday.
Photo via Wikimedia Commons
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