Marriott forecasts 2024 profit below estimates as US travel demand moderates

Marriott forecasts 2024 profit below estimates as US travel demand moderates

Business

Marriott forecasts 2024 profit below estimates as US travel demand moderates

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(Reuters) - Hotel operator Marriott International (MAR.O), opens new tab forecast 2024 profit below Wall Street estimates on Tuesday, as travel demand in the United States normalizes from its post-pandemic peak.

The company sees a full-year profit of between $9.18 and $9.52 per share, while analysts had expected $9.69 per share, LSEG data showed.

Marriott's shares were down 0.7% in premarket trade.
Travel demand in the U.S. has been returning to normal levels after seeing a post-pandemic spike from "revenge travel", hurting travel companies.

Marriott on Tuesday reported an adjusted fourth-quarter profit of $3.57 per share, compared with analysts' estimate of $2.12 per share.