Friday, April 22, 2005 | 9:13 a.m.
BETHESDA, Md. -- Hotel operator Marriott International Inc. posted a 27 percent increase in first quarter profit Thursday on increased rates and stronger lodging demand, prompting the company to raise its outlook for the year.
Quarterly income jumped to $145 million, or 61 cents per share, from $114 million, or 47 cents, in the year-ago period. Marriott's earnings easily surpassed the average estimate of 56 cents per share from analysts polled by Thomson Financial.
Total revenue was $2.53 billion, up 13 percent from $2.25 billion a year earlier and well ahead of the $2.45 billion targeted by analysts.
Marriott, the world's largest hotel chain the No. 7 hotel operator in Las Vegas, attributed much of the increase to greater demand in areas such as New York City, the mid-Atlantic region and parts of Florida.
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