Marriott beats by $1.45, misses on revs; guides Q1 EPS below consensus; guides FY24 EPS below consensus (248.54)
- Reports Q4 (Dec) earnings of $3.57 per share, excluding non-recurring items, $1.45 better than the FactSet Consensus of $2.12; revenues rose 2.9% year/year to $6.09 bln vs the $6.2 bln FactSet Consensus.
- Co issues downside guidance for Q1, sees EPS of $2.12-2.19, excluding non-recurring items, vs. $2.30 FactSet Consensus.
- Co issues downside guidance for FY24, sees EPS of $9.18-9.54, excluding non-recurring items, vs. $9.68 FactSet Consensus.
- Co sees Comparable systemwide constant dollar RevPAR growth of 4-5% for Q1 and 3-5% for FY24.
- Fourth quarter 2023 comparable systemwide constant dollar RevPAR increased 7.2 percent worldwide, 3.3 percent in the U.S. & Canada, and 17.4 percent in international markets, compared to the 2022 fourth quarter,
- "In the fourth quarter, worldwide RevPAR rose 7 percent. International RevPAR grew 17 percent, with particular strength in Asia Pacific and Europe.
"In the U.S. & Canada, fourth quarter RevPAR rose over 3 percent. Group revenue at our hotels increased 7 percent compared to the 2022 fourth quarter, driven by solid rate increases. While already significantly above 2019 levels, hotel leisure revenue rose again, up 2 percent. Business transient revenue at our hotels grew 3 percent from the year-ago quarter, with demand from large corporate customers continuing to make gains.