Marriott Int'l Boosts FY23 Outlook - Update

(RTTNews) - While reporting financial results for the second quarter on Tuesday, Marriott International, Inc. (MAR) raised its adjusted earnings, gross fee revenues and worldwide comparable systemwide constant currency RevPAR growth guidance for the full-year 2023.

For fiscal 2023, the company now projects adjusted earnings in a range of $8.36 to $8.65 per share on gross fee revenues between $4.73 billion and $4.82 billion, with worldwide comparable systemwide constant currency RevPAR growth of 12 to 14 percent. Previously, the company expected adjusted earnings in a range of $7.97 to $8.42 per share on gross fee revenues between $4.60 billion and $4.75 billion, with worldwide comparable systemwide constant currency RevPAR growth of 10 to 13 percent.

On average, 19 analysts polled by Thomson Reuters expect the company to report earnings of $8.36 per share on revenues of $23.58 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company expects adjusted earnings in a range of $2.00 to $2.09 per share on gross fee revenues between $1.185 billion and $1.210 billion, with worldwide comparable systemwide constant currency RevPAR growth of 6 to 8 percent.

The Street is looking for earnings of $2.03 per share on revenues of $5.82 billion for the quarter.

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