Marriott International Posts Record Full-Year Earnings for 2000

WASHINGTON, DC-Marriott International Inc. is reporting a record full year earnings of $1.89 per share, up 25% from $1.51 in 1999. Net income increased to $479 million in 2000, up 20%, and sales increased 15% $10 billion. Adjusted for non-recurring charges related to the settlement of litigation in 1999 and the Marriott Distribution Services business in 2000, EPS increased 20% to $1.92 in 2000, up from 1999′s $1.60. Company officials attribute strength in US lodging operations as the primary driver of profit growth in 2000.

The fourth quarter, ending Dec. 29, 2000, earnings per share were $0.59, up 74% from $0.34 in the last quarter of 1999. Net income increased to $149 million, up from $90 million in 1999. Sales totaled $3.2 billion in the 2000 fourth quarter, up 12% from $2.8 billion a year ago.

J.W. Marriott, Jr., chairman and chief executive officer, says the comparable revenue per available room growth in their domestic lodging brands is strong 6.7%. The firm showed one full percentage point improvement in house profit margin in the fourth quarter for the Marriott Hotels, Resorts & Suites, Renaissance and Residence Inn brands in the US.