Marriott Intl Sees Q2 Earnings Above Market; Lifts FY23 Outlook - Update

(RTTNews) - Marriott International Inc. (MAR), while reporting higher first-quarter results above market estimates, on Tuesday issued second-quarter outlook above market estimates, and lifted fiscal 2023 earnings forecast above the Street.

For the second quarter, the company projects adjusted earnings of $2.09 to $2.15 per share on gross fee revenues of $1.205 billion to $1.225 billion.

On average, 18 analysts polled by Thomson Reuters expect earnings of $2.03 per share for the quarter. Analysts' estimates typically exclude special items.

Worldwide comparable systemwide constant currency RevPAR growth is expected in the range of 10 percent to 12 percent.

Further, for fiscal 2023, the company now projects adjusted earnings of $7.97 to $8.42 per share on gross fee revenues of $4.60 billion to $4.75 billion.

Analysts expect earnings of $7.74 per share for the year.

Worldwide comparable systemwide constant currency RevPAR growth is expected in the range of 10 percent to 13 percent.

The company previously expected full-year adjusted earnings per share in the range of $7.23 to $7.91, gross fee revenues between $4.325 billion and $4.555 billion, and worldwide comparable systemwide RevPAR growth to be 6 percent to 11 percent.