Shares of Marriott International Inc. MAR rallied1.2% toward an eight-month high in premarket trading Tuesday, after the hotel operator reported fourth-quarter profit and revenue that beat expectations, and provided an upbeat first-quarter outlook. Net income rose to $673 million, or $2.12 a share, from $468 million, or $1.42 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.96 beat the FactSet consensus of $1.83. Revenue grew 33.2% to $5.92 billion, well above the FactSet consensus of $5.37 billion. RevPAR rose 5% compared with 2019, boosted by a 13% increase in the average daily rate (ADR). Looking ahead, the company expects first-quarter adjusted EPS of $1.82 to $1.88, above the FactSet consensus of $1.65. “As we look ahead, while concerns about the macroeconomic environment persist around the world, booking trends to date remain robust and we have significant momentum in our business,” said Chief Executive Anthony Capuano. The stock has advanced 9.3% over the past three months through Monday while the S&P 500 SPX has gained 4.6%.
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