Reuters: Global Markets: Marriott profit helped by corporate business

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Marriott profit helped by corporate business Apr 18th 2012, 21:27 Wed Apr 18, 2012 5:27pm EDT (Reuters) - Marriott International Inc (MAR.N) reported a higher quarterly profit on Wednesday as corporate business strengthened, and the hotelier raised its forecast for a key revenue metric. "There is tremendous growth in global travel today," President and Chief Executive Arne Sorenson said in a statement. "Travelers are on the road, attending meetings, making sales calls and taking family vacations." Net income was $104 million, or 30 cents a diluted share, in the first quarter ended March 23, compared with $101 million, or 26 cents a share, a year earlier. Marriott bought back 4.2 million common shares in the first quarter. Analysts expected profit of 29 cents a share, according to Thomson Reuters I/B/E/S. Revenue at the hotel company slipped to $2.55 billion from $2.78 billion a year earlier. But Marriott noted revenue from corporate guests rose more than 9 percent in the quarter, helped by higher room rates. Marriott, whose brands include Ritz-Carlton, Residence Inn and Courtyard by Marriott, said it expects systemwide revenue per available room, which multiplies occupancy rate by the room rate, to rise 6 percent to 8 percent this year, compared with a prior view of 5 percent to 7 percent growth. (Reporting by Karen Jacobs; Editing by Bernard Orr) Link this Share this Digg this Email Reprints

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