Marriott Q2 Earnings Top Estimates

Marriott International Inc MAR reported second-quarter FY22 sales growth of 69.5% year-on-year to $5.34 billion, beating the consensus of $4.92 billion.
Comparable systemwide constant dollar RevPAR increased 70.6% worldwide, 66.1% in the U.S. & Canada, and 87.8% in international markets, compared to Q2 FY21.
Comparable systemwide constant dollar RevPAR declined 2.9% worldwide, 14.1% in international markets, but increased 1.3% in the U.S. & Canada compared to Q2 FY19.
Total expenses rose 64.7% Y/Y to $4.4 billion. Adjusted EBITDA for the quarter was $1 billion.
The operating margin for the quarter was 17.7%, with operating income nearly doubling to $950 million.
Adjusted EPS of $1.80 beat the analyst consensus of $1.54.
The company added roughly 17,000 rooms globally during Q2.
Marriott resumed share repurchases in Q2, repurchasing 1.9 million shares of common stock for $300 million. Year-to-date through July 29, the company has repurchased 2.9 million shares for $448 million.
Outlook: Marriott sees Q3 comparable systemwide constant dollar RevPAR growth of Flat to +3% versus 3Q19. Adjusted EPS of $1.59 - $1.69, versus the consensus of $1.60.
The company expects FY22 comparable systemwide constant dollar RevPAR decline of 6% - 3%. Adjusted EPS of $6.33 - $6.59, against the consensus of $5.97.
Price Action: MAR shares are trading higher by 1.42% at $157.30 on the last check Tuesday.
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