Summary by Moomoo AI
Marriott International reported strong financial results for Q2 2024, with total revenue increasing 6% to $6.44 billion and net income rising 6.3% to $772 million. Earnings per share grew to $2.69 from $2.38 in the prior year quarter. The company's gross fee revenues increased 7% to $1.34 billion, driven by higher RevPAR and unit growth.Global RevPAR grew 4.9% in Q2, with ADR up 2.6% and occupancy improving 1.6 percentage points. Performance was particularly strong in EMEA with 6.6% RevPAR growth and APEC with 13% growth, while Greater China saw a 4.2% decline. The company added approximately 61,300 net rooms in the first half, including 37,000 rooms from the MGM strategic licensing agreement.Marriott maintained strong liquidity with $370 million in cash and $4.5 billion available under its credit facility. The company returned significant capital to shareholders, repurchasing 4.1 million shares for $1 billion in Q2 and paying quarterly dividends of $0.63 per share. Management expects full-year 2024 net rooms growth of 5.5% to 6.0%.
