Marriott turned a profit in 3Q on higher prices

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Associated Press

Posted on October 3, 2012 at 6:02 PM

Updated Wednesday, Oct 3 at 6:02 PM

NEW YORK (AP) — Marriott says it turned a bigger-than-expected profit in the third quarter on higher prices and strong occupancy rates.

The company, based in Bethesda, Md., earned $143 million, or 44 cents per share, compared with a loss of $179 million, or 52 cents per share, a year ago. The 2011 quarter was hit by charges related to the spin-off of its time share business. Without those, it earned $104 million or 29 cents per share last year.

Revenue in the recent quarter fell 5 percent, to $2.73 billion. The results topped Wall Street's expectations for earnings of 40 cents per share and revenue of $2.65 billion.

Revenue per available room — an indicator of rates — rose 7 percent in the quarter.

Marriott shares rose 1 percent in after-hours trading.

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