Categories AlphaGraphs, Consumer, Earnings
Marriott International (MAR) Q1 profit dips 92%, misses estimates
Marriott International Inc. (NASDAQ: MAR) reported its first-quarter 2020 results, which were dramatically impacted by the COVID-19 global pandemic. The bottom line was hurt by impairment charges, bad debt expense, and guarantee reserves related to the COVID-19.
The company added 88 new properties (14,525 rooms) to its worldwide lodging portfolio during Q1, including nearly 2,100 rooms converted from competitor brands and about 7,200 rooms in international markets. Eighteen properties (3,670 rooms) exited the system during the quarter.
Due to the numerous uncertainties associated with COVID-19, Marriott cannot presently estimate the financial impact of this unprecedented situation, which is highly dependent on the severity and duration of the pandemic and its impacts, but expects that COVID-19 will continue to be material to the company’s results.
Take a look at our Consumer articles here
Most Popular
Coca-Cola (KO) Q1 2021 earnings release
The Coca-Cola Company (NYSE: KO) reported first-quarter 2021 financial results before the regular market hours on Monday. The beverage manufacturer reported fourth-quarter revenue of $9 billion, up 5% year-over-year. The
Earnings calendar for the week of April 19
The market rally gathered pace this week amid impressive quarterly results, led by the banking sector, and positive economic data. Leading stock indexes continued their winning streak, with S&P 500
Undeterred by crisis, Bank of America stays in expansion mode
Leading Wall Street banks recorded robust earnings in the early months of fiscal 2021 with the results benefiting from the release of credit loss reserves, in most cases. Taking advantage
