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Marriott International, Inc. Message Board

  • bluecheese4u bluecheese4u Feb 19, 2013 6:21 PM Flag

    Marriott International Reports On Fourth Quarter And Full Year 2012

    Marriott International Reports On Fourth Quarter And Full Year 2012

    BETHESDA, Md., Feb. 19, 2013 /PRNewswire/ -- Marriott International, Inc. (NYSE: MAR) today reported its fourth quarter and full year 2012 results, including the following highlights:

    Fourth quarter diluted EPS totaled $0.56, a 22 percent increase over prior year adjusted results. Full year 2012 diluted EPS increased 31 percent over 2011 adjusted results to $1.72;

    North American comparable systemwide REVPAR rose 5.9 percent in the fourth quarter and 6.4 percent for full year 2012;

    On a constant dollar basis, worldwide comparable systemwide REVPAR rose 5.2 percent in the fourth quarter and 6.1 percent for full year 2012;

    Worldwide comparable company-operated house profit margins increased 90 basis points in the fourth quarter and 120 basis points for the full year;

    At year-end, the company's worldwide pipeline of hotels under construction, awaiting conversion or approved for development increased to nearly 130,000 rooms, including almost 59,000 rooms outside North America;

    Over 27,000 rooms were added to the system in 2012. In the fourth quarter alone, nearly 14,000 rooms were added, including 8,100 Gaylord-branded rooms and 2,800 rooms in international markets. The company signed a record 57,000 rooms in 2012;

    EBITDA for full year 2012 totaled $1,146 million, a 16 percent increase over 2011 adjusted EBITDA;

    For full year 2012, Marriott repurchased 31.2 million shares of the company's common stock for $1.2 billion including 6.9 million shares for $257 million in the fourth quarter;

    For full year 2013, Marriott expects North American and worldwide systemwide constant dollar REVPAR to increase 4 to 7 percent.

    Fourth quarter 2012 net income totaled $181 million, a 14 percent increase compared to fourth quarter 2011 adjusted net income. Diluted earnings per share (EPS) totaled $0.56, a 22 percent increase from adjusted diluted EPS in the year-ago quarter. On October 3, 2012, the company forecasted fourth quarter diluted EPS of $0.52 to $0.56.

    For the fourth quarter of 2011, reported net income totaled $141 million and reported diluted EPS was $0.41. Adjusted net income and adjusted diluted EPS for the year-ago quarter excluded $14 million pretax ($18 million after-tax and $0.05 per diluted share) of timeshare spin-off adjustments. Timeshare spin-off adjustments included items such as the removal of timeshare business operating results and spin-off transaction costs, as well as the addition of license fees and other related items as if the spin-off had occurred on the first day of fiscal 2011. See page A-1 for fourth quarter 2011 reported results, the timeshare spin-off adjustments and adjusted results.

    Arne M. Sorenson, president and chief executive officer of Marriott International, said, "We were delighted with our 2012 results. Full year earnings per share grew 31 percent over 2011 adjusted levels to $1.72 and EBITDA increased 16 percent to over $1.1 billion. We also returned over $1.3 billion to shareholders through dividends and share repurchases.

    "Worldwide international travel increased to record levels in 2012 while hotel supply growth was low in most markets around the world, especially in the U.S. Despite low levels of new construction in the industry and modest economic growth in some regions of the world, we added over 27,000 rooms to our worldwide system in 2012, increased our worldwide systemwide REVPAR by 6 percent and increased room rates by 4 percent. Our development team had a record year, signing more than 57,000 new rooms and increasing our global development pipeline to nearly 130,000 rooms at year-end. To date in 2013, we've already signed over 9,000 rooms with nearly 90 percent of those in Asia.

    "Twenty percent of our room additions in 2012 were conversions from other brands and 30 percent came from the acquisition of the Gaylord brand. Thirty percent of all new rooms were located in international markets. We are excited about our new brand platforms such as the Autograph Collection and EDITION. Now on four continents, the Autograph Collection has grown to nearly 40 hotels in less than three years. We'll soon open our London EDITION hotel and we have six more EDITIONs in our development pipeline. Today, our luxury brands, Ritz-Carlton, Ritz-Carlton Reserve, Bulgari, and JW Marriott, together with our luxury lifestyle brand, EDITION, have broad distribution with nearly 150 hotels and over 50,000 rooms.


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