Marriott International, Inc. (NASDAQ: MAR) collapsed in price Friday on reporting first fiscal quarter results.
The hotelier, based in Bethesda, Maryland said first-quarter reported diluted EPS totaled $1.09, a 6% decrease from prior year results. First-quarter adjusted diluted EPS totaled $1.41, a 5% increase over first- quarter 2018 adjusted results.
First-quarter reported net income totaled $375 million, an 11% decrease from prior-year results. First quarter adjusted net income totaled $482 million, a 1% decrease from prior-year adjusted results
The company added nearly 19,000 rooms during the first quarter, including roughly 3,000 rooms converted from competitor brands and approximately 8,000 rooms in international markets.
Marriott repurchased 6.7 million shares of the company's common stock for $828 million during the first quarter. Year-to-date through May 8, the company has repurchased 8.1 million shares for $1.02 billion.
CEO Anne Sorenson said, "Marriott's performance in the first quarter was solid. Worldwide systemwide RevPAR for comparable hotels increased 1.1%, net rooms grew 5.3%, and gross fee revenue rose 6%.
"Despite modest RevPAR growth and higher labor costs, we increased North American house profit margins by 30 basis points and held worldwide house profit margins flat at our company-operated hotels through cost synergies, leading to strong incentive management fee performance in the quarter.
"Worldwide systemwide RevPAR index increased 100 basis points with index gains in the U.S. at nearly the same level."
Shares dipped $5.61, or 4.1%, to $129.86
