Marriott International Inc. turned a profit for the September quarter after posting a loss for the previous quarter, as travel demand improved from l
Marriott International Inc. turned a profit for the September quarter after posting a loss for the previous quarter, as travel demand improved from lows earlier in the pandemic.
“While Covid-19 is still significantly impacting our business, our results for the third quarter showed continued improvement in demand trends around the world,” Chief Executive Arne Sorenson said Friday.
The world’s largest hotel operator posted a third-quarter profit of $100 million, or 31 cents a share, compared with a profit of $387 million, or $1.16 a share, in the same quarter last year. The company recorded a $234 million loss for the second quarter, its second-largest quarterly loss.
Adjusted earnings were 6 cents a share, ahead of the 8 cents a share adjusted loss analysts polled by FactSet were expecting. Impairment charges related to Covid-19 hurt profit by $24 million after tax, it said.
During the July-to-September period, travel demand rose from the rock bottom of March and April as various parts of the world relaxed Covid-19 restrictions. Marriott said it notched gains from the mainland China, Hong Kong, Macau and Taiwan region, which experienced the first wave of coronavirus infections.