Stock Market

Marriott Revises Full-Year Guidance

Marriott International (MAR) revised its full-year guidance after markets closed on Monday as the high-end lodging provider reported lower-than-expected revenue in its fiscal second quarter and adjusted earnings that were in line.

The Bethesda, MD.-based company reported revenue of $5.31 billion in the three months ended June 30, down 2% from the corresponding quarter of the prior year. This was also below the consensus estimate of analysts polled by Capital IQ for $5.50 billion.

Adjusted diluted earnings per share — which excluded a $126 million non-tax deductible accrual for a fine in relation to a data security incident — were worth $1.56, down 10% from a year earlier but in line with the Street’s forecast of $1.56.

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The company said that it recorded the $126 million non-tax deductible accrual in the second quarter for a fine proposed by the UK Information Commissioner’s Office in relation to a data security incident. Marriott said that it has the right to respond before the amount of the fine is finally determined and a fine can be issued and that it intends to respond and vigorously defend its position.

Feeding into the results were a 6% year-on-year decline in incentive management fees to $165 million. The drop was attributed mainly to lower net house profits at North American managed hotels and unfavorable exchange rates which were partially offset by higher net house profits at international managed hotels.

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