Marriott International released the Earnings Report for 4Qtr 2009, last Thursday, February 11th. The full text may be found here: "Marriott International Reports Fourth Quarter Results". In related news,the Wall Street Journal's MarketWatch reported, "Marriott swings to quarterly profit". For those of us intensely loyal to the Marriott brand on the lodging and timeshare side, the take-away is best summed up by quoting the Earnings Report:
"J.W. Marriott, Jr., chairman and chief executive officer of Marriott International, said, "While the global business climate remained difficult, fourth quarter results exceeded our expectations. We grew our system, reduced total debt, and continued to improve efficiencies worldwide."
"In the fourth quarter, leisure travelers responded to aggressive marketing campaigns and special offers and, even adjusting for easier year-over-year comparisons, business travel showed signs of improvement, particularly in international markets. With solid cost controls, we translated the stronger-than-expected occupancy to better-than-expected incentive fee revenue. Demand for timeshare intervals improved modestly from third quarter levels which, combined with a successful note sale and reductions in investment spending, allowed the timeshare business to generate over $150 million of cash flow after investing activities for full year 2009."