Summary
Marriott International Inc. reported a strong first quarter for 2022, demonstrating a significant rebound from the previous year. Net income surged to $377 million, a substantial improvement from a net loss of $11 million in the same period of 2021. This turnaround was driven by a robust recovery in lodging demand, particularly in leisure travel, which led to an 85% increase in net fee revenues to $791 million. The company experienced widespread RevPAR (Revenue Per Available Room) growth across all segments, with worldwide RevPAR up 96.5% compared to Q1 2021 and approaching pre-pandemic (2019) levels. This recovery was supported by strong Average Daily Rates (ADR) exceeding 2019 levels in certain markets. Marriott also announced the resumption of its quarterly cash dividend, signaling confidence in its financial health and future prospects, and expects to resume share repurchases later in 2022.
Financial Highlights
44 data points| Revenue | $4.20B |
| Operating Expenses | $3.64B |
| Operating Income | $558.00M |
| Interest Expense | $93.00M |
| Net Income | $377.00M |
| EPS (Basic) | $1.15 |
| EPS (Diluted) | $1.14 |
| Shares Outstanding (Basic) | 328.30M |
| Shares Outstanding (Diluted) | 330.00M |
Key Highlights
- 1Net income dramatically improved from a loss of $11 million in Q1 2021 to a profit of $377 million in Q1 2022.
- 2Net fee revenues grew by an impressive 85% year-over-year, reaching $791 million, fueled by the recovery in lodging demand.
- 3Worldwide RevPAR increased by 96.5% compared to the prior year, with ADR exceeding 2019 levels in some markets.
- 4System-wide properties grew by 3% globally to 8,048 properties (1.49 million rooms) by the end of Q1 2022.
- 5The company declared a $0.30 per share quarterly cash dividend, resuming dividend payments after a period of suspension.
- 6Marriott expects full-year 2022 total gross rooms growth to approach 5.0% and net rooms growth of 3.5% to 4.0%.