Hotel/resort operator Marriott International, Inc. ( MAR ) late Wednesday said its fourth quarter profit fell 23% from last year, hurt by one-time charges, as adjusted results barely missed analyst expectations.
The Bethesda, MD-based company reported fourth quarter net income of $141 million, or 41 cents per share, compared with $173 million, or 46 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 46 cents per share.
Revenue rose 1% from last year to $3.7 billion.
On average, Wall Street analysts expected a higher profit of 47 cents per share, on larger revenue of $3.77 billion.
Looking ahead, Marriott said it expects first quarter earnings of 26 to 30 cents per share, and full-year 2012 earnings of $1.52 to $1.64. Analysts are currently expecting 30 cents for the first quarter and $1.58 for the year.
Marriott shares were unchanged in premarket trading Thursday.
The Bottom Line
Shares of Marriott International ( MAR ) have a 1.15% dividend yield, based on last night's closing stock price of $34.73. The stock has technical support in the $30 price area. If the shares can firm up, we see overhead resistance around the $38 price level.
Marriott International, Inc. ( MAR ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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