While the second quarter might not have been kind to some industries, the hospitality industry fared quite well. This is especially the case with the accommodation sector, which is progressing quite well in recovery from the pandemic, as demonstrated by the Q2 results from Marriott.
The world’s biggest hotel chain blew away Wall Street estimates, reporting $5.34 billion in net sales versus the $5.02 billion predicted. The company’s adjusted earnings per share clocked at $1.80 compared to $1.57 expected, while adjusted full-year EPS guidance is now $6.33 to $6.59 vs. $5.97 expected. Finally, Marriott’s net income stands at $678 million, which marks a substantial increase compared to $422 million in the same period last year.
Speaking with the media on Tuesday, Marriott CEO Anthony Capuano said that these impressive results are a testament to the company’s business model.
“Marriott’s second-quarter results highlight consumers’ love for travel,” Capuano added. “We reported outstanding results, as momentum in global lodging recovery continued.”
Marriott stock (MAR) saw a 2% jump after Q2 results were made public, going from $159.57 close on Monday to $162.20 per share on Tuesday morning. MAR has been consistent throughout the year, avoiding the slide that hit most other stocks. At the moment, Marriott shares are only 3.40% down year to date.