Marriott International Inc.’s stock
MAR,
fell by 2% in premarket trading after the hotel operator’s fourth-quarter revenue and 2024 profit outlook fell short of analysts’ estimates, although its profit in the latest quarter rose. Marriott said its fourth-quarter net income increased to $848 million, or $2.87 a share, from $673 million, or $2.12 a share, in the year-ago quarter. Marriott’s adjusted fourth-quarter profit of $3.57 a share beat the FactSet consensus estimate of $2.12 a share. Fourth-quarter revenue increased to $6.1 billion from $5.9 billion but missed the analyst estimate of $6.2 billion. Looking ahead, Marriott expects adjusted first-quarter profit of $2.12 a share to $2.19 a share, below the FactSet consensus estimate of $2.30 a share. For 2024, Marriott is projecting adjusted earnings of $9.18 to $9.52 a share, below the analyst estimate of $9.68 a share.
