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Marriott -3% after Q2 results fall short of estimates

Aug. 10, 2020 7:34 AM ETMarriott International, Inc. (MAR)MARBy: Clark Schultz, SA News Editor1 Comment
  • Marriott International (NASDAQ:MAR) reports RevPAR fell 84.4% in Q2. RevPAR was down 83.6% for the North American business and 86.7% for the International business.
  • Adjusted EBITDA was $61M vs. $952M a year ago. Q2 adjusted EBITDA included $36 million of bad debt expense related to COVID-19.
  • On the balance sheet, Marriott ended the quarter with total debt of $11.8B and cash balances of $2.3B.
  • Looking ahead Marriott execs are fairly positive by pointing to signs of demand returning back to the market. Marriott guides for total rooms growth of 2% to 3% for the full year, despite the challenges surrounding the pandemic. Full detail are coming up on the conference call at 8:30 a.m. ET.
  • Shares of Marriott are down 2.85% premarket to $91.12.
  • Previously: Marriott EPS misses by $0.23, misses on revenue (Aug. 10)

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