beat earnings estimates in the fourth quarter and provided upbeat 2023 guidance as booking trends remain robust.
(ticker: MAR), the hotel giant, reported adjusted earnings of $1.96 a share in the fourth quarter on revenue of $5.9 billion.
Analysts were expecting profit of $1.83 a share on sales of $5.37 billion in the final three months of the year, according to FactSet data.
Revenue per available room (RevPAR) rose 5% compared with pre-pandemic 2019 levels, and was 29% higher than the same period in 2021.
Increases in room rates and improvement in occupancy levels meant that RevPAR has now more than fully recovered in all regions, with the exception of Greater China,
In the U.S. and Canada RevPAR rose 5% on 2019 levels, driven by an 11% jump in the average daily room rate.
“As we look ahead, while concerns about the macroeconomic environment persist around the world, booking trends remain robust and we have significant momentum in our business,” CEO Anthony Capuano said in a statement.
The company is optimistic about the months ahead, forecasting earnings of $1.82 to $1.88 a share in the first quarter, better than analysts’ expectations of $1.65.
For the full year Marriott estimates profit of $7.23 to $7.91 a share, compared with the FactSet consensus of $7.44.
The stock, which has climbed 17% so far this year as of Monday’s close, was rising 1.5% in premarket trading Tuesday.
Write to Callum Keown at email@example.com