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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Marriott International    MAR

MARRIOTT INTERNATIONAL

(MAR)
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Marriott : Profit Rises 2.9%

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07/27/2016 | 05:05pm EST

Marriott International Inc. said its second-quarter earnings rose 2.9% as the lodging company nears the close of its pending deal for Starwood Hotels & Resorts Worldwide Inc.

The Bethesda, Md., company's planned acquisition of Starwood had been stalled by a bidding war with Chinese insurance firm Anbang Insurance Co., which ultimately walked away from its an unsolicited takeover offer for Starwood after bidding as much as $14 billion.

Chief Executive Arne M. Sorenson said in prepared remarks that while hotel performance in the latest quarter reflected generally slower economic growth, leisure travel demand remained robust and group business performed well. Attendance at group meetings was on track during the quarter, group cancellations remained low and the company continues to see strong group bookings, he said.

Over all, Marriott reported a profit of $247 million, or 96 cents a share, down from $240 million, or 87 cents a share, a year earlier. Excluding expenses related to the Starwood deal and other items, adjusted per-share earnings were $1.03. The company had forecast per-share profit of 96 cents to $1.

Revenue increased 5.8% to $3.9 billion, matching analysts' expectations.

Excluding currency effects, global revenue per available room rose 2.9%.

On Tuesday, Starwood reported that it swung to a loss in the latest quarter, hurt by a large adjustment charge recognizing foreign-exchange effects on its historical hotel operations in Italy.

Write to Tess Stynes at tess.stynes@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
MARRIOTT INTERNATIONAL 1.22% 142.19 Delayed Quote.29.49%
STARWOOD HOTELS & RESORTS WORLDWIDE INC -0.26% 77.05 Delayed Quote.0.00%
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Financials (USD)
Sales 2019 21 139 M
EBIT 2019 2 633 M
Net income 2019 1 601 M
Debt 2019 10 701 M
Yield 2019 1,30%
P/E ratio 2019 31,3x
P/E ratio 2020 21,6x
EV / Sales2019 2,68x
EV / Sales2020 2,61x
Capitalization 45 958 M
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Technical analysis trends MARRIOTT INTERNATIONAL
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 138,32  $
Last Close Price 140,57  $
Spread / Highest target 17,4%
Spread / Average Target -1,60%
Spread / Lowest Target -12,5%
EPS Revisions
Managers
NameTitle
Arne M. Sorenson President, Chief Executive Officer & Director
John Willard Marriott Executive Chairman
Kathleen Kelly Oberg Chief Financial Officer & Executive Vice President
Bruce Hoffmeister Global Chief Information Officer
Lawrence W. Kellner Lead Independent Director
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