Marriott International Reports First Quarter 2015 Results (United States)
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Marriott International Reports First Quarter 2015 Results (United States)
HIGHLIGHTS |
Category: North America & West Indies / Carribean islands - United States - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2015-05-04
- First quarter diluted EPS totaled $0.73, a 28 percent increase over prior year results;
- North American comparable systemwide constant dollar RevPAR rose 6.9 percent in the first quarter;
- On a constant dollar basis, worldwide comparable systemwide RevPAR rose 6.8 percent in the first quarter;
- Marriott repurchased 5.5 million shares of the company’s common stock for $431 million during the first quarter. Year-to-date through April 29, the company repurchased 7.2 million shares for $566 million;
- Comparable company-operated house profit margins increased 120 basis points both in North America and worldwide in the first quarter;
- The company’s adjusted operating income margin increased to 48 percent compared to 42 percent in the year-ago quarter;
- Over 10,000 rooms were added during the first quarter, including over 2,000 rooms converted from competitor brands and 4,000 rooms in international markets;
- Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $429 million in the quarter, a 27 percent increase over first quarter 2014 adjusted EBITDA.
Marriott International, Inc. (NASDAQ: MAR) today reported first quarter 2015 results. First quarter 2015 net income totaled $207 million, a 20 percent increase over 2014 first quarter net income. Diluted earnings per share (EPS) in the first quarter totaled $0.73, a 28 percent increase from diluted EPS in the year-ago quarter. First quarter 2015 results reflect impairment charges totaling $12 million pretax while the prior year quarter included both a $10 million pretax impairment charge and a net $16 million tax benefit. On February 18, 2015, the company forecasted first quarter diluted EPS of $0.68 to $0.72.
Arne M. Sorenson, president and chief executive officer of Marriott International, said, “Worldwide constant dollar RevPAR increased at the high end of our expectations in the first quarter of 2015. Strong transient and group demand and very high occupancy rates in the U.S. allowed us to continue to reduce special discounts and enhance pricing. Internationally, robust demand in Mexico and our Caribbean resorts and increasing travel to Egypt drove RevPAR higher. Weak currencies in Europe, the U.K. and Japan encouraged both domestic demand and international arrivals into those markets. As a result, constant dollar RevPAR at our international hotels increased 6.7 percent, well ahead of our expectations.
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