Marriott International has announced a net income of $772m for the second quarter (Q2) of 2024, marking an increase of 6.33% from a net income of $726m in the same period last year.
Basic earnings per share (EPS) for Q2 2024 was $2.70, and $2.39 in Q2 2023.
Meanwhile, diluted EPS was $2.69 for the latest quarter versus $2.38 in the same quarter last year.
During the quarter ending 30 June 2024, the company saw a surge in total revenues, posting $6.43bn compared to $6.07bn in the second quarter of 2023.
The company’s adjusted interest, taxes, depreciation, and amortisation (EBITDA) was $1.32bn, up from $1.21bn in the previous year's corresponding quarter.
Total expenses amounted to $5.24bn in Q2 2024, up from $4.97bn in Q2 2023.
Operating income also saw an uptick, reaching $1.19bn compared to $1.09bn in the second quarter of 2023.
This growth has been attributed to a 4.9% worldwide increase in comparable systemwide constant dollar revenue per available room (RevPAR), with a 7.4% rise in international markets.
Marriott added approximately 15,500 net rooms in the quarter.
The company's development pipeline features around 3,500 properties and more than 559,000 rooms, including 33,000 pipeline rooms approved but not yet under contract.
More than 209,000 rooms are under construction at the quarter's end.
Marriott International president and CEO Anthony Capuano said: “Marriott reported strong second-quarter results, with net rooms up 6% year over year and worldwide RevPAR1 growth of nearly 5%, as consumers continued to prioritise travel. International RevPAR increased more than 7%, with Asia Pacific excluding China leading the way, posting an impressive 13% RevPAR increase from the year-ago quarter.
“With a membership base of over 210 million members and growing, Marriott Bonvoy is a key competitive advantage.”
During the first quarter of 2024, Marriott International reported a net income of $564m and total revenue of $5.97bn, with adjusted EBITDA at $1.14bn.
For the full year of 2024, Marriott expects its adjusted EBITDA to be in the range of $4.95bn to $5.01bn.
