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Marriott Shares Drop 5% Despite Q2 EPS Beat; Slashed FY24 Outlook Disappoints Investors
Marriott International (NASDAQ:MAR) shares are trading lower today.
The company reported second-quarter adjusted earnings per share of $2.50, beating the street view of $2.47.
Quarterly sales of $6.439 billion missed the analyst consensus of $6.483 billion.
Anthony Capuano, President and Chief Executive Officer, said, “Marriott reported strong second quarter results, with net rooms up 6 percent year over year and worldwide RevPAR growth of nearly 5 percent, as consumers continued to prioritize travel”.
International RevPAR rose over 7%, driven by a notable 13% increase in Asia Pacific (excluding China) compared to the previous year.
Adjusted EBITDA for the quarter ...