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Marriott earnings up on travel demand

Hotel operator Marriott International Inc. said Thursday that its second quarter earnings rose 11 percent on strong demand for rooms and gains in fees paid by franchisees.
/ Source: The Associated Press

Hotel operator Marriott International Inc. said Thursday that its second quarter earnings rose 11 percent on strong demand for rooms and gains in fees paid by franchisees.

The Bethesda, Md.-based company reported net income of $207 million, or 51 cents per share, for the three months ended June 15, up from $186 million, or 43 cents per share, a year earlier.

Quarterly revenue rose to $3.2 billion from $2.89 billion a year ago.

Excluding a charge of $54 million, or 13 cents per share, that Marriott recorded due to a $220 million settlement of a tax dispute with the federal government and the results of the company’s synthetic fuel business, second quarter earnings were $229 million, or 57 cents per share.

Analysts surveyed by Thomson Financial, who generally exclude one-time charges from their forecasts, forecast second-quarter net income of 53 cents per share on revenue of $3.17 billion.