Marriott beats by $0.03, beats on revs; guides Q2 EPS below consensus; raises FY16 EBITDA slightly; acquisition of Starwood Hotels & Resorts Worldwide (HOT) is on track to close mid-2016. :
- Reports Q1 (Mar) earnings of $0.87 per share, excluding non-recurring items,$0.03 better than the Capital IQ Consensus of $0.84; revenues rose 7.4% year/year to $3.77 bln vs the $3.67 bln Capital IQ Consensus.
- North American comparable systemwide constant dollar RevPAR rose 2.4 percent in the first quarter; on a constant dollar basis, worldwide comparable systemwide RevPAR rose 2.6 percent in the first quarter; the co's adjusted operating income margin increased to 52 percent compared to 48 percent in the year-ago quarter.
- Co issues downside guidance for Q2, sees EPS of $0.96-1.00 vs. $1.02 Capital IQ Consensus Estimate. For the 2016 second quarter, the company expects comparable systemwide RevPAR on a constant dollar basis will increase 3 to 5 percent in North America, 2 to 4 percent outside North America and 3 to 5 percent worldwide.
- For full year 2016, the company expects comparable systemwide RevPAR on a constant dollar basis will increase 3 to 5 percent in North America, outside North America and worldwide. The company estimates that incentive fees for the full year will include $9 million of unfavorable foreign exchange. Not including the impact of the Starwood transaction, the company expects full year 2016 operating income could total $1,520 million to $1,585 million, a 13 to 17 percent increase year-over-year, and adjusted EBITDA could total $1,900 million to $1,965 million (up from $1.885-1.95 bln), an 11 to 14 percent increase year-over-year.
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