Published on 1 May 2024 on Zacks via Yahoo Finance

Marriott (MAR) Q1 Earnings Miss Estimates, Revenues Surpass

Marriott International, Inc. MAR reported mixed first-quarter 2024 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top and the bottom line increased on a year-over-year basis.During the quarter, the company reported benefits from strong revenue per available room (RevPAR) gains, net rooms growth and an asset-light business model. Also, strong contributions from the group business added to the positives. The company reported strength in The Marriott Bonvoy loyalty program, comprising 203 million members as of the first-quarter end. It also emphasized the launch of the MGM Collection, integrating nearly 37,000 rooms into the company's portfolio.

Earnings & Revenue Discussion

In the quarter under review, Marriott’s adjusted earnings per share (EPS) were $2.13, missing the Zacks Consensus Estimate of $2.17. It reported adjusted earnings of $2.09 per share in the prior-year quarter.