Marriott International, Inc. (MAR / NYSE) today reported net income of $101 million for its 1998 second quarter ended June 19, an increase of 20 percent over $84 million in the corresponding 1997 quarter. Diluted earnings per share for the 1998 quarter rose to 37 cents from 31 cents a year ago, while sales increased 16 percent to $2.5 billion.
J.W. Marriott, Jr., chairman and chief executive officer of Marriott International, said that the company`s strong 1998 second quarter performance was paced by its lodging group.
“The U.S. lodging industry remains robust,” Mr. Marriott said, “and our brands continue to lead their segments in occupancy, REVPAR growth and profitability. As a result, Marriott Lodging posted the highest quarterly profits in its 41-year history.
“The company is on track to achieve its earnings growth targets for the full year,” Mr. Marriott continued. “We also are making tremendous strides toward our long-range development goals. Our pipeline of approved lodging and senior living community projects is at an all-time high, and we recently boosted our new unit growth goals through the year 2002.”
For the first half of 1998, Marriott International reported net income of $190 million and diluted earnings per share of 70 cents, up 24 percent and 23 percent, respectively, versus the 1997 period. Sales totaled $4.7 billion, a 15 percent increase over the 1997 first half.