Marriott stock gains on earnings beat, bullish travel forecast
Sundry Photography

Marriott International (NASDAQ:MAR) stock edged higher on Tuesday after beating earnings estimates and voiced bullishness on sustained travel demand in 2022.

For the second quarter, the Maryland-based hotel operator saw second quarter revenue accelerate 69.5% higher from the prior year to $5.34B while adjusted EPS rose to $1.80. Analysts had anticipated the company to report $4.96B and $1.57, respectively. RevPAR increased 70.6% worldwide, led by markets outside North America, and trended above 2019 levels into the close of the second quarter.

âWith demand increasing across all customer segments throughout the quarter, and nearly all countries easing travel restrictions, worldwide RevPAR surpassed 2019 levels in June,â CEO Anthony Capuano said, "Marriott's second quarter results highlight consumers' love for travel.â

He added that he has seen âno signs of leisure travel abatingâ into the third quarter. The bullishness aided the company in setting full-year EPS forecasts to a range of $6.33 to $6.59, well above the consensus estimate of $5.99. The return to profitable growth also allowed the company to resume share repurchases and bolster shareholder return programs.

âLooking ahead, we are optimistic about our financial outlook and strong cash generation and expect to return more than $2.2B to shareholders through dividends and share repurchases in 2022,â Capuano said.
Marriott International (MAR) stock gained 1.89% in premarket trading after posting the results.