Categories AlphaGraphs, Consumer, Earnings
Marriott (MAR) slips to loss in Q2 as shutdown impacts guest arrivals
Marriott International Inc. (NASDAQ: MAR) reported a net loss for the second quarter of 2020, compared to profit last year. The June-quarter performance was negatively impacted by the COVID-related shutdown. The results also missed the Street view.
The hotel chain added around 11,400 rooms globally during the three-month period, including 2,000 rooms converted from competitor brands. Net rooms grew 4.1% annually.
The adjusted loss was $0.64 per share, compared to earnings of $1.56 per share in the second quarter of 2019. Analysts were looking for a narrower loss.
Total revenues more than halved to $1.46 billion in the second quarter, negatively impacting the bottom-line performance. Revenues missed Wall Street’s prediction.
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