Despite a decrease in revenue, Marriott International's (MAR) profit increased.
Earnings and Revenue
The company's EPS fell in line with analyst expectations of 42 cents a share while revenue of $2.78 billion missed estimates of $2.84 billion. The estimates of 17 analysts ranged from profit of 40 cents to profit of 44 cents.
The company's net income for the quarter was $143 million. This is 5.9% higher than the year-ago quarter. Revenue fell 6.6% from $2.97 billion in the same period last year.
Company Fundamental Trends
Revenue declined last quarter after shrinking 8.1% to $2.55 billion in the first quarter.
History Against Expectations
The company fell in line with estimates last quarter after topping forecasts in the previous quarter. It reported net income of 30 cents versus a mean estimate of net income of 29 cents per share.
Arne M. Sorenson, president and chief executive officer of Marriott International, said, "In the second quarter, our business performed well in most markets around the world. In North America, strengthening group business, more travel by our special corporate customers, especially in the technology and consulting industries, and the impact of modest supply growth, drove our occupancy and room rates higher. In Europe, more travelers from the United States, Russia and China helped move REVPAR higher. In the Asia Pacific region, solid REVPAR growth resulted from strong economic growth and maturing new hotels."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.