Higher bookings boost Marriott earnings
Marriott says its second-quarter net income rose 6 percent on higher bookings and rates despite a revenue decline because of the spinoff of its timeshare business.
The Bethesda, Md., hotel company said Wednesday that it earned $143 million, or 42 cents per share, in the 12 weeks through June 15, compared with $135 million, or 37 cents per share, a year earlier.
Revenue slipped 7 percent to $2.78 billion.
The company’s profit matches Wall Street’s expectations, but revenue is short of the expected $2.83 billion, according to FactSet. Shares fell about 3 percent.
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