Marriott International reveals Q3 2019 results
Net income dropped when compared to the same period last year
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.