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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Maravai LifeSciences Holdings Inc | TG:MAR | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.05 | 6.95 | 7.10 | 0.00 | 06:32:02 |
DOW JONES NEWSWIRES
Marriott International Inc. (MAR) swung to fiscal-third loss amid write-downs of its timeshare business and sagging revenue at its core hotel business, but results edged expectations.
Still there were signs the hotelier has seen the worst of the declines. For the coming fiscal year Marriott expects worldwide revenue per available room may decline as much as 5%, excluding currency effects, with performance strengthening as the year progresses. International markets are expected to show more strength than in North America.
However, due to the economy, the company again declined to provide its typical earnings guidance.
Major time-share companies such as Marriott, Starwood Hotels & Resorts Worldwide Inc. (HOT) and Wyndham Worldwide Corp. (WYN) have scaled back on development and sales the past year. Marriott recently said it would stop new time-share development and exit the luxury residential segment, which includes condominiums and penthouses atop or adjacent to its hotels.
For the quarter ended Sept. 11, the company reported a loss of $466 million, or $1.31 a share, compared with a prior-year profit of $94 million, or 25 cents a share. Excluding items such as the write-downs, earnings fell to 15 cents from 34 cents. The company in July had forecast 9 cents to 14 cents.
Revenue decreased 17% to $2.47 billion as revenue per available room slumped 22%. Analysts polled by Thomson Reuters most recently expected $2.39 billion.
For the fiscal fourth quarter, the company expects earnings of 20 cents to 23 cents on revpar declines of 13% to 16% in North America and 16% to 18% elsewhere in constant dollars. Analysts projected earnings of 22 cents.
Shares closed Wednesday at $26.95 and didn't trade premarket. The stock is up 40% this past year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; tess.stynes@dowjones.com
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