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Marriott quarterly profit beats on higher room rates

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Marriott quarterly profit beats on higher room rates
FILE PHOTO: Logo of Marriott hotel is seen in Vienna, Austria April 9, 2018. REUTERS/Heinz-Peter Bader/File Photo   -   Copyright  Heinz-Peter Bader(Reuters)
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(Reuters) – Marriott International Inc reported a better-than-expected quarterly profit on Friday, as the world’s biggest hotel chain benefited from higher room rates.

Net income fell to $375 million (288.17 million pounds), or $1.09 per share, in the first quarter ended March 31, from $420 million, or $1.16 per share, a year earlier. The year-ago profit included some gains from asset sales.

On an adjusted basis, the company earned $1.41 per share, beating analysts’ average estimate of $1.34 per share, according to IBES data from Refinitiv.

Revenue rose marginally to $5.01 billion in the quarter.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur)

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