Marriott 2Q down 24 percent.....

[ArtsieAng]

Marriott 2Q down 24 percent
7/10/2008, 7:15 a.m. EDT
The Associated Press

BETHESDA, Md. (AP) — Hotel operator Marriott International says second-quarter earnings dropped 24 percent as the deteriorating economy dragged down demand.

Marriott says it earned $157 million, or 42 cents per share in the 12-week quarter that ended June 13. That is down from the $207 million, or 51 cents per share a year ago.

Excluding one-time items, Bethesda, Md.-based Marriott International Inc. says earnings from continuing operations were $189 million, or 51 cents per share. The company is reporting $3.18 billion in revenue.


Thomson Financial says analysts expected a profit of 49 cents per share on revenue of $3.15 billion.

Marriott has also cut its earnings outlook for 2008 to between $1.77 and $1.88 per share. Analysts expect $1.93 per share.