Marriott Earnings Beat, But Stock Falls 2%

Marriott International Inc. shares dipped in late trading Monday after the hotelier posted a quarterly earnings beat but projected profit in the current quarter would come in slightly lower than analysts' expectations. Marriott announced net income of $414 million, or $1.08 a share, on revenue of $5.8 billion for its fiscal second quarter, an increase from earnings of 97 cents a share on sales of $3.9 billion a year ago. After adjustments for merger-related costs, the company claimed earnings of $1.13 a share. Analysts on average expected Marriott to report adjusted earnings of $1.01 a share on revenue of $5.64 billion. While Marriott topped those estimates, the company said that it expected earnings per share in the third quarter to be in a range of 96 cents to 99 cents a share, while analysts were projecting profit of $1.01 a share. Marriott shares fell about 2% in late trading after the numbers were released, after closing the trading session with a 1.1% increase at $106.17.