* Fourth-quarter EPS $0.56 vs est $0.55 per share
* Revenue $3.76 bln vs est $3.66 bln
* Sees full-year 2013 revPAR up 4-7 pct
* Sees 2013 EPS of $1.90-$2.05 vs est $2.02 per share
Feb 19 Marriott International reported
better-than-expected quarterly results as room revenue rose,
aided by rising international travel and higher rates, and the
hotel operator said it expects per-room revenue to rise further
Marriott said it expects revenue per available room
(revPAR), a key metric that measures hotel health, to rise 4 to
7 percent this year.
During the fourth quarter, world wide revPAR rose 6 percent
while room rates were up 4 percent, said the owner of brands
such as Ritz-Carlton, Residence Inn and Courtyard by Marriott.
Marriott said it had kept the forecast conservative on fears
that possible federal budget cuts would limit North American
"There is nothing in the business we can see today that
would cause me to go out and say 4 percent revPAR growth, but
March 1 is coming and we will have to see what Congress does,"
company spokeswoman Laura Paugh said.
Unless a deal is reached in Congress, about $85 billion in
across-the-board federal spending cuts kick in at the beginning
of March and continue through Sept. 30 as part of a decade-long
$1.2 trillion budget savings plan.
The company is in negotiations with corporate customers to
increase room rates by high single digits, but fiscal cliff
fears have stalled the process, Paugh said.
Increased demand from corporate customers has led to a
recovery in North America -- the source of more than three
quarters of its revenue.
FOURTH QUARTER BEATS
Net income was $181 million, or 56 cents per share, in the
fourth-quarter, up 28 percent from $141 million, or 41 cents per
share, a year earlier, Marriott said in a statement.
Excluding one-time items, the company earned 56 cents per
Fourth-quarter revenue 2 percent to $3.76 billion.
Analysts on average were expecting earnings of 55 cents per
share on revenue of $3.66 billion, according to Thomson Reuters
Shares of the Bethesda, Maryland-based company were down 1
percent in trading after the bell on Tuesday. They had closed at
$40.83 on the New York Stock Exchange.