Below are Marriott's quarterly earnings which were reported this morning should anyone be interested. The good times are not quite back yet but let's hope they are on the way.
Marriott International Inc.'s (MAR) second-quarter earnings fell 76% amid weak lodging and timeshares demand as the hospitality industry continues to suffer from the global economic downturn.
The company - which operates and franchises hotels under the Marriott, Ritz-Carlton, Residence Inn and Courtyard brands - declined to give its typical earnings forecast, citing the uncertain economy, but said it expects third-quarter revenue per available room to decline 20% to 23% in North America and 22% to 24% elsewhere.
For the full year, it expects revenue per available room, or revpar, to decline 17% to 20% globally. Revpar fell 24% in the second quarter, including a worse-than-expected 21% drop in North America.
All types of hotels - from budget to luxury - have been cutting costs, including work force reductions, as tumbling occupancy and room rates have left some hoteliers without enough cash to cover expenses. Time-shares, a former industry profit center, are also suffering.
Marriott is coming off two straight quarters of losses. Its credit ratings have been hurt amid forecasts the industry downturn will be deep and continue into next year.
The company reported a second-quarter profit of $37 million, or 10 cents a share, down from $157 million, or 42 cents, a year earlier. Excluding restructuring and other charges, earnings fell to 23 cents from 52 cents. The company in April projected earnings of 20 cents to 23 cents, which is below analysts' expectations.
Revenue dropped 20% to $2.63 billion. Analysts polled by Thomson Reuters most recently were looking for $2.52 billion.
Shares closed at $21.80 on Thursday and didn't trade premarket. The stock is down nearly 30% in the past 10 months, despite rising nearly 85% from an 11-year low of $11.84 in November.