Marriott's stock rallies after the hotel operator reported profit that beat expectations, boosted by a big jump in room rates, and provided an upbeat outlook.
Shares of Marriott International Inc. rallied toward an eight-month high Tuesday after the hotel operator reported profit and revenue that beat expectations, with a big increase in room rates providing a boost.
The company also provided a first-quarter earnings outlook that was well above Wall Street projections and said it has yet to see demand soften despite growing uncertainty in the economic outlook. The company said it expects first-quarter adjusted earnings per share, which excludes nonrecurring items, of $1.82 to $1.88, which is above the current average EPS estimate compiled by FactSet of $1.65.
Also for the fourth quarter, the company reported net income that rose to $673 million, or $2.12 a share, from $468 million, or $1.42 a share, in the same period a year ago.
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