Marriott Shares Slip 3% as Q3 Earnings Miss Estimates

Marriott International (NASDAQ:MAR) reported third-quarter earnings below analyst expectations and trimmed its full-year forecast, resulting in a more than 3% drop in share intra-day today. The hotel chain recorded adjusted earnings per share of $2.26, just missing the $2.31 consensus, while revenue reached $6.26 billion, narrowly under the anticipated $6.27 billion.

For 2024, Marriott lowered its earnings guidance to $9.19 to $9.27 per share, down from the previous range of $9.23 to $9.40, and below Wall Street's consensus of $9.36. Despite the adjusted forecast, Marriott saw encouraging growth in key performance indicators, with global comparable systemwide RevPAR rising by 3% year-over-year. International RevPAR growth led with a 5.4% increase, while U.S. & Canada RevPAR was up by 2.1%.