Marriott International, Inc. (NASDAQ: MAR) fell Tuesday. Marriott reported upbeat earnings for its third quarter, while sales missed estimates. The company issued weak fourth-quarter earnings guidance.
The hotel chain, based out of Bethesda, Maryland, reported Monday Third-quarter reported diluted EPS totaled $1.38, a 7% increase from prior year results. Third quarter adjusted diluted EPS totaled $1.70, a 62% increase over third quarter 2017 adjusted results. Adjusted results exclude merger-related adjustments, cost reimbursement revenue, and reimbursed expenses
Third quarter reported net income totaled $483 million, flat compared to prior year results. Third quarter adjusted net income totaled $598 million, a 51% increase over prior-year adjusted results.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $900 million in the quarter, a 12% increase over third-quarter 2017 adjusted EBITDA.
Third-quarter 2018 gross fee revenues totaled $932 million, a 13% increase from prior-year gross fee revenues.
The company added more than 18,000 rooms during the third quarter, including over 1,500 rooms converted from competitor brands and approximately 10,000 rooms in international markets.
Marriott repurchased 6.7 million shares of the company's common stock for $841 million during the third quarter. Year-to-date through November 5, the company has repurchased 20.8 million shares for $2.7 billion.
According to CEO Arne Sorenson, "It's been just over two years since the completion of the Starwood acquisition. We are in the home stretch on integrating the companies and are pleased with the results."
Shares dumped $5.58, or 4.6%, to $115.10
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