Marriott (MAR) said its fourth-quarter net income increased by 27% to $848 million, or $2.87 a share, from $673 million, or $2.12 a share, in the year-ago quarter. Marriott’s adjusted fourth-quarter profit of $3.57 a share beat the FactSet consensus estimate of $2.12 a share. Fourth-quarter revenue increased to $6.1 billion from $5.9 billion but missed the consensus analyst estimate of $6.2 billion. Marriott said its hotel leisure revenue has recovered to exceed levels in 2019, the year before travel was affected by the COVID-19 pandemic. “While already significantly above 2019 levels, hotel leisure revenue rose again, up 2%,” the company said. “Business transient revenue at our hotels grew 3% from the year-ago quarter, with demand from large corporate customers continuing to make gains.” Looking ahead, Marriott expects adjusted first-quarter profit of $2.12 a share to $2.19 a share, below the FactSet consensus estimate of $2.30 a share. For 2024,

The following is a summary of the Marriott International, Inc. (MAR) Q4 2023 Earnings Call Transcript: Financial Performance: Marriott International noted a Q4 2023 revenue per available room (RevPAR) increase of over 3% YoY in the U.S. and Canada, and a 17% rise in international RevPAR. Total gross fee revenues rose by 10% to 1.24 billion underpinned by higher RevPAR, room additions, and substantial growth in co-brand credit card fees. Owned, lease, and other revenue net of direct expenses reached 151 million in Q4 2023. Adjusted EBITDA for Q4 2023 climbed 10% to approximately 1.2 billion, signaling a 21% rise YoY. The company noted approximately $267 million of tax benefits due to favorable discrete items in 2023. For 2024, capital returns to shareholders could range from $4.1 billion to $4.3 billion, inclusive of a $500 million cash out for the Sheraton Grand purchase in Chicago. Business Progress: Marriott’s global RevPAR