Marriott Records Surprise Third Quarter Profit
Hotel operator Marriott International Inc has recorded a surprise third quarter profit.
Marriott, which owns the JW Marriott and Ritz-Carlton brands, said that occupancy in its key North America and greater China markets rose by 37% and 61.4%, respectively, in the third quarter, from second-quarter lows of 19.6% and 35.5%.
Marriott's total expenses fell by 57.2% to $2 billion in the third quarter.
Marriott's net profit fell to $100 million, or 31 cents per share, in the third quarter ended September 30 from $387 million, or $1.16 per share, a year earlier.
Earning Per Share
Excluding items, Marriott earned 6 cents per share, while analysts expected a loss of 8 cents per share, according to IBES data from Refinitiv.
Revenue slumped by 57.3% to $2.25 billion, but was above Wall Street's expectation of $2.23 billion.