Marriott International reveals Q3 2019 results

Net income dropped when compared to the same period last year

Marriott’s reported net income saw a drop of US$116 million
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Marriott’s reported net income saw a drop of US$116 million

Hospitality giant Marriott International revealed its financial results for the third quarter of 2019.

Marriott’s reported net income saw a drop of US$116 million, when it recorded a total of $387 million in Q3 2019 when compared to $503 million in Q3 2018.

The group’s reported diluted earnings per share (EPS) also dropped, totalling to $1.16 in the quarter, compared to a reported diluted EPS of $1.43 in the previous year’s quarter.

Third quarter 2019 adjusted net income totalled $488 million, compared to 2018’s Q3 adjusted net income of $598 million. Adjusted diluted EPS in the third quarter totaled $1.47, compared to adjusted diluted EPS of $1.70 in the year-ago quarter.

Speaking about the results, Arne M. Sorenson, president and chief executive officer of Marriott International, said:  “In the third quarter, our worldwide comparable system wide constant dollar RevPAR increased 1.5%, consistent with our guidance, while our global RevPAR index rose 210 basis points.

“Year-to-date through November 1, we have already returned nearly $2.3 billion to shareholders. For full year 2019, we expect cash returned to shareholders through dividends and share repurchases could approach $3 billion. We expect continued strong demand for our products. For the fourth quarter of 2019, we expect comparable RevPAR on a constant dollar basis will increase 0 to 1% in North America, roughly 1% outside North America, and roughly 1%worldwide,” he added.

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