To The Moon

Full story: https://grafa.com/news/marriott--nasdaq-mar--unveils-q1-performance-with-portfolio-expansion--modest-revpar-growth-216231

Marriott International (NASDAQ:MAR) has released its first-quarter financial results for 2024, showing a modest increase in global revenue per available room (RevPAR) and a notable expansion in its hotel portfolio.

The company reported a 4.2% increase in worldwide comparable systemwide constant dollar RevPAR, with a significant 11.1% jump in international markets, although the growth was a more subdued 1.5% in the U.S. & Canada.

While Marriott posted a reported diluted earnings per share (EPS) of $1.93, down from $2.43 in the same quarter last year, adjusted diluted EPS saw a slight increase to $2.13 from $2.09 in the first quarter of 2023.

Additionally, reported net income for the quarter came in at $564 million, a decrease from $757 million reported in the previous year.

Besides the company's financial performance, Marriott expanded its global presence by adding approximately 46,000 net rooms, including around 37,000 rooms under its agreement with MGM Resorts International.

As of the end of the quarter, Marriott's worldwide development pipeline included over 3,400 properties with nearly 547,000 rooms.

Of these, about 27,000 pipeline rooms had been approved but were not yet subject to signed contracts, and over 202,000 rooms were under construction.

In terms of shareholder returns, Marriott repurchased 4.8 million shares of common stock for $1.2 billion in the first quarter.

Including dividends, the company has returned a total of $1.7 billion to shareholders year to date through April 26.