Hotel and resort operator Marriott International reported third-quarter results today after the markets closed, showing that it posted net revenues of $3.16 billion, a robust 15.8% increase from the $2.73 billion in the same period in the previous year, and well ahead of the $3.04 billion Capital IQ consensus estimate.
Net income came in at $160 million, or $0.52 per share, up 12% from $143 million, or $0.44 per share, in the same period in 2012, and $0.08 per share better than the CapIQ estimates of $0.44 per share.
Marriott benefited from an extra eight days in the quarter resulting from a shift in its fiscal year that saw Q3 2013 have 92 days compared to 84 days in the year-ago quarter. RevPar, however, is measured on a calendar quarter basis for comparability and was up 5.5% with average daily rate up 4.4%.
RevPAR, or revenue per available room, is a key performance metric in the hotel industry that's calculated by multiplying a hotel's average daily room rate by its occupancy rate, excluding ancillary revenues generated from food, beverages, parking, and the like.
The hotel and resort operator expects fourth-quarter RevPar to rise between 4.5% and 5.5% in North America, which includes a 1% decline due to the government shutdown. It anticipates total fee revenue to be between $370 million and $380 million generating earnings of $0.47 to $0.50 per share. For the full year, Marriott says full-year revenues will be in a range of $1.525 billion to $1.535 billion with earnings of $1.98 to $2.01 per share.
Shares of Marriott closed down today 0.9%, or $0.41, to $44.20.
The article Marriott Beats on Top and Bottom Lines originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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