BETHESDA (dpa-AFX) - Marriott International Inc. (MAR) reported that its second-quarter net income was $143 million or $0.42 per share, up from $135 million or $0.37 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined to $2.78 billion from $2.97 billion in the prior year quarter. Seventeen analysts had consensus revenue estimate of $2.84 billion for the quarter.
Looking ahead for the third-quarter, the company expects earnings per share $0.39 to $0.41 and total fee revenue of $315 million to $325 million. Analysts expect the company to report earnings of $0.37 per share for the third-quarter.
For the third quarter, the company expects comparable systemwide REVPAR on a constant dollar basis will increase 6 to 8 percent in North America, 5 to 7 percent outside North America and 6 to 8 percent worldwide.
The company expects 2012 earnings per share to be in the range of $1.65 to $1.75. While announcing the first-quarter result, the company expected full year 2012 earnings of $1.58 to $1.69 per share. Full year 2012 guidance does not include the impact of the pending Gaylord transaction. Analysts expects the company to report earnings of $1.65 per share for fiscal 2012.
The company expects full year 2012 fee revenue could total $1.410 billion to $1.440 billion, growth of 8 to 10 percent over 2011 adjusted total fee revenue of $1.307 billion. Compared to prior expectations, anticipated fee revenue is modestly lower due to the impact of foreign exchange rates, the sale of the corporate housing business, some delayed hotel openings and softer REVPAR growth in some markets.
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