Marriott International reports USD 104 million net income in Q3 of 2011
Marriott International, Inc has reported its Quarter Three (Q3) results for 2011. In the mentioned quarter, the adjusted net income totalled USD 104 million, a 25 per cent increase compared to Q3of 2010. Adjusted diluted Earnings Per Share (EPS) totalled USD 0.29, a 32 per cent increase from diluted EPS in the year-ago quarter. The reported net loss was USD 179 million in Q3 of 2011 compared to net income of USD 83 million in the year-ago quarter. Reported diluted losses per share was USD 0.52 in Q3 of 2011 compared to diluted EPS of USD 0.22 in Q3 of 2010.
JW Marriott, Jr, Chairman and Chief Executive Officer, Marriott International said, “We are pleased with our performance in Q3. Despite continued economic uncertainty, Revenue Per Available Room (RevPAR) growth was very strong and adjusted EPS rose 32 per cent. After reaching targeted debt levels in mid 2010, we have been investing in growth while also returning substantial cash to our shareholders. In the last 12 months, we have opened 33,000 new rooms while returning USD 1.4 billion to our shareholders through share repurchases and dividends.”
Marriott further said, “The spin-off of our timeshare business is on track and we expect to conclude the transaction in the Quarter Four of 2011. When complete, Marriott will have taken another innovative step, leading the industry as a manager and franchisor of the greatest lodging and timeshare brand portfolio in the business. We are cautiously optimistic about 2012 and are well-positioned for continued growth. We expect to add approximately 30,000 rooms in 2012, most of which are already under construction and included in our 105,000 room development pipeline. While there is considerable economic uncertainty, assuming worldwide systemwide RevPAR growth of three to seven per cent, our EPS could total USD 1.48 to USD 1.68 per share and return on invested capital could increase substantially.”
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