Thursday, February 29, 2024

Marriott forecasts 2024 profit below estimates as US travel demand moderates By Reuters

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© Reuters. FILE PHOTO: Logo of Marriott hotel is seen in Vienna, Austria April 9, 2018. REUTERS/Heinz-Peter Bader/File Photo

(Reuters) -Hotel operator Marriott International (NASDAQ:) 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.

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