NEW YORK (TheStreet) -- Marriott International (MAR) - Get Report shares are sliding 2.89% to $64.75 in after-hours trading on Wednesday immediately following the hotel operator's latest quarterly earnings reported after the market closed.
For the fourth quarter of 2015, the company earned 77 cents a share on revenue of $3.7 billion.
Profit beat Wall Street's expectations of 76 cents a share but revenue missed projections of $3.72 billion.
During the same period the year prior, the company earned 68 cents a share on revenue of $3.56 billion.
"We are encouraged by recent demand trends," CEO Arne M. Sorenson said. "Fourth quarter 2015 worldwide systemwide comparable RevPAR rose 4% in constant dollars. Group RevPAR in North America increased 6% in the quarter and new group bookings for future business increased 10 percent year-over-year." Despite revenue falling short of estimates, year-over-year, sales increased due to higher room rates in North America.
In November, Marriott agreed to acquire Starwood Hotels & Resorts Worldwide (HOT) for $12.2 billion, creating the world's largest hotel company.
Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of B-.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MAR