Marriott International has reported a net income of $584m for the third quarter (Q3) of 2024, marking a 22.34% decrease from $752m in the same quarter of the previous year.
For the quarter ending 30 September 2024, Marriott’s total revenue increased to $6.25bn from $5.92bn in Q3 2023.
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The company’s diluted earnings per share (EPS) saw a decline, with $2.07 reported in the quarter, down from $2.51 in the year-ago quarter.
Basic EPS also decreased from $2.52 in Q3 2023 to $2.08 in Q3 2024.
The company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) totalled $1.22bn in the 2024 third quarter, up from $1.14bn in Q3 2023.
Marriott’s reported operating income for the quarter was $944m, a decrease from the $1.09bn reported in the same quarter of the previous year.
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By GlobalDataTotal expenses for Q3 2024 were $5.31bn, an increase from $4.82bn reported in Q3 2023.
By the end of Q3 2024, Marriott’s global system comprised nearly 9,100 properties with around 1,675,000 rooms.
During this period, the worldwide revenue per available room (RevPAR) was $131.72, marking a 3% increase compared to the same quarter in 2023.
RevPAR in the US and Canada increased by 2.1%, while international markets saw an increase of 5.4%.
Marriott International president and CEO Anthony Capuano said: “Our business momentum is excellent, and we continue to evolve our business to support our numerous global growth opportunities. To that end, we have undertaken a comprehensive initiative to enhance our effectiveness and efficiency across the company.
“At this point in the process, we expect this initiative to yield $80m to $90m of annual general and administrative cost reductions beginning in 2025.”
The company announced a net income of $772m for Q2 2024.
For the first nine months of 2024, Marriott’s net income was reported at $1.92bn, a decrease from $2.23bn in the same period of 2023.
Total revenue for the first nine months was $18.67bn, up from $17.61bn in the previous year.
Looking ahead, the company anticipates worldwide RevPAR growth to be between 3% to 4% for the full year of 2024, with adjusted EBITDA projected to be between $4.93bn and $4.96bn.
