$MAR (+0,19 %) | Marriott International Q3 Earnings Highlights:
🔹 Adj EPS: $2.26 (Est. $2.31) 🔴
🔹 Revenue: $6.26B (Est. $6.27B) 😕; UP +6% YoY
🔹 Adj Net Income: $638M; UP slightly
🔹 Adj EBITDA: $1.229B
FY'24 Guidance:
🔹 Adj EPS: $9.19-$9.27 (Est. $9.36) 🔴
🔹 RevPAR Growth (Worldwide): 3%-4%
🔹 Gross Fee Revenue: $5.126B-$5.146B
🔹 Adjusted EBITDA: $4.93B-$4.96B
🔹 Net Rooms Growth: Approx. 6.5%
Q4'24 Outlook :
🔹 Adjusted EPS: $2.31-$2.39
🔹 RevPAR Growth (Worldwide): 2%-3%
Q3 Revenue Per Available Room (const-fx):
🔹 Worldwide: UP +3.0%
🔹 U.S. & Canada: UP +2.1%
🔹 International: UP +5.4%
Revenue Breakdown:
🔹 Base Management & Franchise Fees: $1.124B (UP +7% YoY, driven by RevPAR and unit growth)
🔹 Incentive Management Fees: $159M (UP +11% YoY, primarily from international managed hotels)
🔹 Owned, Leased & Other Revenue: $381M (UP +5% YoY)
Development Pipeline & Operational Metrics:
🔸 Net Room Additions: Approx. 16,000 rooms in Q3
🔸 Total Properties: Nearly 9,100 properties globally with 1,675,000 rooms
🔸 Worldwide Development Pipeline: 3,802 properties and 585,000 rooms, including 220,000 rooms under construction
🔸 Share Repurchases in Q3: 4.5M shares for $1.0B; YTD capital return of $3.9B through dividends and repurchases
Additional Financial Metrics:
🔹 Operating Income: $944M (DOWN -14% YoY)
🔹 Interest Expense, Net: $168M (UP due to higher debt balances)
🔹 General & Administrative Expenses: $276M (UP, mainly due to operating and litigation reserves)
CEO Commentary - Anthony Capuano:
🔸 "Marriott had another solid quarter with strong net room and fee growth. Our global RevPAR increased by 3%, with particularly strong gains in APEC and EMEA. Group RevPAR was a standout with a 10% rise in Q3, supporting our excellent business momentum."