Aug 3 (Reuters) – Resort operator Marriott Worldwide Inc on Tuesday beat Wall Avenue estimates for quarterly revenue as a restoration in journey started to assist a battered international vacationer trade.
Marriott’s outcomes come at a time when a brand new wave of COVID-19 circumstances fueled by the Delta variant of the coronavirus is hanging nations worldwide, probably upending journey plans.
The corporate, which owns lodge manufacturers such because the JW Marriott and the Ritz-Carlton, stated second-quarter occupancy in its key U.S. & Canada and Better China markets rose to 56.1% and 62.4%, respectively, in comparison with 19.6% and 35.5% a 12 months earlier.
Whereas occupancy has recovered from final 12 months’s lows, it stays effectively under the charges seen earlier than the pandemic.
The corporate’s comparable RevPAR – a key efficiency measure for the lodge trade – fell 43.8% through the reported quarter, in comparison with the second-quarter of 2019.
“Whereas we’re maintaining an in depth eye on the Delta and different variant strains, we’re optimistic that the upward trajectory of the worldwide restoration will proceed,” Chief Govt Officer Anthony Capuano stated.
Excluding gadgets, Marriott earned 79 cents per share, beating analysts’ common estimate of 45 cents per share, based on IBES information from Refinitiv.
Income rose 115.1% to $3.15 billion, however fell in need of Wall Avenue’s expectation of $3.21 billion.
Shares of Marriott have been up about 0.8% in premarket buying and selling.
Reporting by Ashwini Raj; Extra reporting by Ankit Ajmera; Enhancing by Shailesh Kuber