Sector: Consumer Discretionary|Industry: Lodging|Market Cap: $77.16B|Employees: 411K
Marriott International is a global operator, franchisor, and licensor of lodging properties, including hotels, residential, and timeshare properties. The company's core business model revolves around management, franchising, and licensing, with a focus on brand portfolio and loyalty programs. Marriott operates in 139 countries and territories, with a strong presence in North America and growing international markets.
Net income decreased to $772 million for the three months ended June 30, 2024, from $726 million in the same period last year, despite a revenue increase from $6,075 million to $6,439 million. This indicates potential margin pressure or increased costs impacting profitability.
Gross fee revenues increased to $1,343 million for the three months ended June 30, 2024, from $1,250 million in the same period last year, indicating a strong performance in the company's core business model. This growth was partially offset by a decrease in contract investment amortization.
Interest expense increased to $173 million for the three months ended June 30, 2024, from $140 million in the same period last year, which negatively affected pre-tax income. This increase was driven by higher debt balances from recent senior note issuances.