Marriott forecasts 2024 profit below estimates as US travel demand moderates
Business
Marriott forecasts 2024 profit below estimates as US travel demand moderates
(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.
