NEW YORK (AP) — Marriott says its second-quarter net income rose 6 percent on higher bookings and rates despite a revenue decline due to the spin-off of its timeshare business.
The Bethesda, Md., hotel company said Wednesday it earned $143 million, or 42 cents per share, in the 12 weeks through June 15, compared with $135 million, or 37 cents per share, a year earlier.
Revenue slipped 7 percent to $2.78 billion.
The company's profit matches Wall Street's expectations but revenue is short of the expected $2.83 billion, according to FactSet. Shares fell about 3 percent.
Marriott International Inc.'s revenue, excluding the timeshare business, rose worldwide despite slowing economic growth. Revenue per available room rose 6.7 percent. It expects that metric, key for hotels, to grow 6 to 8 percent this year.
