On Tuesday, Marriott Overseas Inc. upped its full-year profit prediction, citing a faster-than-expected rebound in overseas markets and solid worldwide booking patterns.
Due to flexible work arrangements, travel demand has increased, helping hotel businesses recover from the epidemic. In addition, a strong U.S. dollar has helped the travel business in recent quarters.
“With the faster than expected recovery in international markets and continued solid booking trends globally to date in the second quarter, we are raising our RevPAR guidance for the full year,” Marriott Chief Anthony Capuano said.
Marriott increased its full-year RevPAR prediction from 6% to 11% to 10% to 13%. First-quarter RevPAR rose 34.3%.
On Tuesday’s premarket, the company’s positive comments lifted its shares nearly 2%.
Despite concerns about high inflation and an economic slowdown, Marriott’s bookings have increased.
The business, which owns Sheraton, Westin, and St. Regis hotels, predicts full-year adjusted earnings between $7.97 and $8.42 per share, up from $7.23 to $7.91.
According to Refinitiv statistics, it earned $2.09 per share in the first quarter ended March, above the average analyst forecast of $1.84 per share.
Revenue grew 34% to $5.62 billion, above analysts’ average expectation of $5.41 billion.
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