Marriott International posted an adjusted quarterly profit that exceeded analyst expectations on Thursday buoyed by higher leisure demand during the summer season and higher than expected revenue.
Excluding one-time costs, Marriott reported a profit of 15 cents per share, surpassing analyst estimates of 13 cents per share, Thomson Reuters I/B/E/S.
The hotelier reported a third-quarter net loss of $469 million, or $1.31 per share, hurt by a restructuring costs and a $752 million charge related to its timeshare segment.
Revenues were $2.5 billion for the quarter. Analysts had expected nearly $2.4 billion, according to Thomson Reuters I/B/E/S.
Marriott, the first hotelier to report quarterly earnings this season, expects the business climate, particularly the pricing environment, in 2010 to remain difficult.
(Reporting by Deepa Seetharaman; Editing by Derek Caney)