Shares of Marriott International Inc. MAR, -0.76% jumped 2.0% in premarket trading Tuesday, after the hotel operator reported a big second-quarter profit beat, as revenue more than doubled but came up a bit shy of expectations, amid a “swift resurgence” in lodging demand. The company swung to net income of $422 million, or $1.28 a share, from a loss of $234 million, or 72 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 79 cents, above the FactSet consensus of 47 cents. Revenue grew 115% to $3.15 billion, missing the FactSet consensus of $3.32 billion. Worldwide revenue per available room (RevPAR) increased 262.6%, occupancy increased to 51% and the global average daily rate was down 17% from the same period in 2019. “The rate of global lodging recovery accelerated during the second quarter and momentum has continued into July,” said Chief Executive Anthony Capuano. The stock has gained 9.8% year to date through Monday, while the S&P 500 SPX, -0.18% has advanced 16.8%.
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