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Marriott (MAR) Q4 Earnings & Revenues Beat Estimates, Stock Up
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Marriott International, Inc. (MAR - Free Report) reported impressive fourth-quarter 2021 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The bottom line outpaced the consensus mark for the sixth straight quarter, while the top line beat the same for the third consecutive quarter. Following the results, the company’s shares are up 3.3% in the pre-market trading session.
During the quarter, the company reported improvements in revenue per available room (RevPAR), occupancy and average daily rate (ADR) on account of solid leisure demand as well as recovery in business transient and group demand. Although the Omicron variant had negatively impacted bookings (during January 2022), demand is stated to have picked up and rebounded to pre-Omicron levels. With global trends improving, the company expects the recovery momentum to continue in the upcoming periods as well.
Earnings & Revenues Discussion
In the quarter under review, Marriott’s adjusted earnings per share (EPS) were $1.30, surpassing the Zacks Consensus Estimate of $1.02. In the prior-year quarter, the company had reported adjusted earnings of 12 cents per share.
Marriott International, Inc. Price, Consensus and EPS Surprise
Quarterly revenues of $4,446 million surpassed the consensus mark of $3,859 million. Moreover, the top line surged 104.7% on a year-over-year basis. During the quarter, revenues from Base management and Franchise fee came in at $669 million and $1,790 million compared with $443 million and $1,153 million reported in the prior-year quarter.
RevPAR & Margins
In the quarter under review, RevPAR for worldwide comparable system-wide properties fell 19% (in constant dollars) compared with 2019 levels. The downside was primarily driven by a fall in occupancy and average daily rate (ADR). Occupancy and ADR declined 11.9% and 2.3%, respectively, from 2019 levels. These metrics were impacted by the coronavirus pandemic.
Comparable system-wide RevPAR in Asia Pacific (excluding China) fell 48.4% (in constant dollars) from 2019 levels. Occupancy and ADR had fallen 24.9% and 22.6%, respectively, from 2019 levels. Comparable system-wide RevPAR in Greater China fell 27.4% from 2019 levels.
On a constant-dollar basis, international comparable system-wide RevPAR fell 28.2% compared with 2019 levels. Occupancy and ADR declined 17.7% and 3.9%, respectively, from 2019 levels. Comparable system-wide RevPAR in Europe and the Caribbean & Latin America declined 34.2% and 9.2%, respectively, from 2019 levels.
Total expenses during the quarter increased 65.7% year over year to $ 3,811 million, primarily owing to a rise in Reimbursed expenses.
During the fourth quarter, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to $741 million compared with $317 million in the prior-year quarter.
Balance sheet
At the end of the fourth quarter, Marriott's total debt amounted to $8.7 billion compared with $9 billion in the previous quarter.
Unit Developments
At the end of fourth-quarter 2021, Marriott's development pipeline totaled nearly 2,831 hotels, with approximately 485,000 rooms. Nearly 202,000 rooms were under construction.
During the quarter, the company added 120 new properties (20,440 rooms) to its worldwide lodging portfolio.
2021 Highlights
Total revenues in 2021 came in at $13,857 million compared with $10,571 million in 2020.
Adjusted EBITDA in 2021 came in at $2,278 million compared with $1,147 million in 2020.
In 2021, adjusted diluted EPS came in at $3.19 compared with 18 cents reported in the previous year.
Crocs flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 41.6%, on average. Shares of Crocs have increased 20.3% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 48.5% and 23.2%, respectively, from the year-ago period’s levels.
RCI Hospitality flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 67.7%, on average. Shares of RCI Hospitality have gained 13.1% in the past year.
The Zacks Consensus Estimate for RICK’s 2022 sales and EPS suggests growth of 33.8% and 19.6%, respectively, from the year-ago period’s levels.
JAKKS Pacific flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 48.9%, on average. Shares of JAKKS Pacific have increased 28.9% in the past year.
The Zacks Consensus Estimate for JAKK’s 2022 sales and EPS suggests growth of 4.9% and 227.8%, respectively, from the year-ago period’s levels.
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Marriott (MAR) Q4 Earnings & Revenues Beat Estimates, Stock Up
Marriott International, Inc. (MAR - Free Report) reported impressive fourth-quarter 2021 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The bottom line outpaced the consensus mark for the sixth straight quarter, while the top line beat the same for the third consecutive quarter. Following the results, the company’s shares are up 3.3% in the pre-market trading session.
During the quarter, the company reported improvements in revenue per available room (RevPAR), occupancy and average daily rate (ADR) on account of solid leisure demand as well as recovery in business transient and group demand. Although the Omicron variant had negatively impacted bookings (during January 2022), demand is stated to have picked up and rebounded to pre-Omicron levels. With global trends improving, the company expects the recovery momentum to continue in the upcoming periods as well.
Earnings & Revenues Discussion
In the quarter under review, Marriott’s adjusted earnings per share (EPS) were $1.30, surpassing the Zacks Consensus Estimate of $1.02. In the prior-year quarter, the company had reported adjusted earnings of 12 cents per share.
Marriott International, Inc. Price, Consensus and EPS Surprise
Marriott International, Inc. price-consensus-eps-surprise-chart | Marriott International, Inc. Quote
Quarterly revenues of $4,446 million surpassed the consensus mark of $3,859 million. Moreover, the top line surged 104.7% on a year-over-year basis. During the quarter, revenues from Base management and Franchise fee came in at $669 million and $1,790 million compared with $443 million and $1,153 million reported in the prior-year quarter.
RevPAR & Margins
In the quarter under review, RevPAR for worldwide comparable system-wide properties fell 19% (in constant dollars) compared with 2019 levels. The downside was primarily driven by a fall in occupancy and average daily rate (ADR). Occupancy and ADR declined 11.9% and 2.3%, respectively, from 2019 levels. These metrics were impacted by the coronavirus pandemic.
Comparable system-wide RevPAR in Asia Pacific (excluding China) fell 48.4% (in constant dollars) from 2019 levels. Occupancy and ADR had fallen 24.9% and 22.6%, respectively, from 2019 levels. Comparable system-wide RevPAR in Greater China fell 27.4% from 2019 levels.
On a constant-dollar basis, international comparable system-wide RevPAR fell 28.2% compared with 2019 levels. Occupancy and ADR declined 17.7% and 3.9%, respectively, from 2019 levels. Comparable system-wide RevPAR in Europe and the Caribbean & Latin America declined 34.2% and 9.2%, respectively, from 2019 levels.
Total expenses during the quarter increased 65.7% year over year to $ 3,811 million, primarily owing to a rise in Reimbursed expenses.
During the fourth quarter, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to $741 million compared with $317 million in the prior-year quarter.
Balance sheet
At the end of the fourth quarter, Marriott's total debt amounted to $8.7 billion compared with $9 billion in the previous quarter.
Unit Developments
At the end of fourth-quarter 2021, Marriott's development pipeline totaled nearly 2,831 hotels, with approximately 485,000 rooms. Nearly 202,000 rooms were under construction.
During the quarter, the company added 120 new properties (20,440 rooms) to its worldwide lodging portfolio.
2021 Highlights
Total revenues in 2021 came in at $13,857 million compared with $10,571 million in 2020.
Adjusted EBITDA in 2021 came in at $2,278 million compared with $1,147 million in 2020.
In 2021, adjusted diluted EPS came in at $3.19 compared with 18 cents reported in the previous year.
Zacks Rank & Key Picks
Marriott currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks from the Zacks Consumer Discretionary sector are Crocs, Inc. (CROX - Free Report) , RCI Hospitality Holdings, Inc. (RICK - Free Report) and JAKKS Pacific, Inc. (JAKK - Free Report) .
Crocs flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 41.6%, on average. Shares of Crocs have increased 20.3% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 48.5% and 23.2%, respectively, from the year-ago period’s levels.
RCI Hospitality flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 67.7%, on average. Shares of RCI Hospitality have gained 13.1% in the past year.
The Zacks Consensus Estimate for RICK’s 2022 sales and EPS suggests growth of 33.8% and 19.6%, respectively, from the year-ago period’s levels.
JAKKS Pacific flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 48.9%, on average. Shares of JAKKS Pacific have increased 28.9% in the past year.
The Zacks Consensus Estimate for JAKK’s 2022 sales and EPS suggests growth of 4.9% and 227.8%, respectively, from the year-ago period’s levels.