Marriott International Inc. (MAR) on Monday reported third-quarter net income of $70 million.
[Skift editor’s note: In the third quarter of 2015, however, Marriott had a net income of $210 million. This quarter’s profit numbers were no doubt impacted by the $228 million in charges Marriott incurred in relation to the closing of its $13.3 billion acquisition of Starwood Hotels & Resorts.]
The Bethesda, Maryland-based company said it had net income of 26 cents per share. Earnings, adjusted for non-recurring costs, were 91 cents per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.
The hotel company posted revenue of $3.94 billion in the period, or $3.77 billion on an adjusted basis. Four analysts surveyed by Zacks expected $3.96 billion.
Just before the third quarter ended, Marriott completed its purchase of Starwood hotels & Resorts Worldwide. Adjusted results exclude merger-related costs and eight days of Starwood’s results in the quarter.
Marriott shares have climbed 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 4 percent. In the final minutes of trading on Monday, shares hit $71.10, a decrease of slightly more than 7 percent in the last 12 months.
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