February 11, 2010
Bethesda-based Marriott International Inc. returned to profit during the fourth quarter of 2009, with revenues beating analysts expectations as business and leisure travel improved.
The company reported net income of $106 million, or 28 cents per diluted share, during the quarter ending Jan. 1, 2010, compared with a loss of $10 million, or 3 cents per diluted share, during the same time period the previous year.
Revenues were $3.4 billion in the fourth quarter, compared to $3.8 billion during the fourth quarter in 2008. Analysts had projected revenues for the quarter of closer to $3.2 billion for the company.
In a statement, chairman and CEO J.W. Marriott Jr. said that while global business remained difficult for the company, the company trimmed debt, improved efficiencies, and saw some increase in the stagnant travel business.
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“In the fourth quarter, leisure travelers responded to aggressive marketing campaigns and special offers, and, even adjusting for easier year-over-year comparisons, business travel showed signs of improvement, particularly in the international markets,” he said.
Revenue per available room, a common statistic used to measure hotel’s business, was down 12.2 percent for the company’s worldwide company-owned properties — a marked improvement from the third quarter 2009 drop of 23.5 percent, and was down 11.8 percent for Marriott’s company-operated full-service and luxury hotels in North America.
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