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.