Marriott International, Inc. (MAR / NYSE) today reported diluted earnings per share of 32 cents for its 1998 third quarter ended September 11, an increase of 19 percent over 27 cents in the corresponding 1997 quarter. Net income for the 1998 quarter rose to $86 million from $74 million a year ago, while sales increased nine percent to $2.3 billion.
J.W. Marriott, Jr., chairman and chief executive officer of Marriott International, said that the company`s lodging and contract services groups both contributed to the strong 1998 third quarter results.
“Our U.S. lodging operations had an excellent summer, as our established brands significantly outperformed the industry averages in terms of occupancy, REVPAR growth and profitability,” Mr. Marriott said. “In addition, the company`s resort timesharing, senior living and distribution services businesses all generated higher profits in the quarter.”
“Our major businesses continue to gain market share,” Mr. Marriott added. “We will open a record number of new hotels and senior living communities in 1998, and our pipeline of projects under development is expanding. We are confident the company will achieve its earnings growth goals for the year, and we are laying the foundation for further gains in 1999 and beyond.”
For the first three quarters of 1998, Marriott International reported net income of $276 million and diluted earnings per share of $1.02, up 22 percent and 21 percent, respectively, versus the 1997 period. Sales totaled $7.0 billion, a 13 percent increase over the first three quarters of 1997.