posted a rise in third-quarter profit, and issued a new earnings outlook for the fourth quarter and full year.
The company earned $103 million, or 41 cents a share, in the third quarter, compared with $101 million, or 39 cents a share, in the year-ago quarter. The results included $11 million in pretax income and a $30 million charge from exiting a business.
Excluding charges, the company earned 46 cents a share. Analysts were expecting the company to earn 42 cents a share.
Earnings from the company's synthetic fuel business offset lower levels of travelers, the company said. Revenue was $2.45 billion, flat with last year.
Looking ahead, the company expects fourth-quarter earnings to be 65 cents to 69 cents a share. Analysts were expecting the Washington-based company to earn 51 cents a share. For 2003, Marriot hopes to earn between $2.05 a share and $2.15 a share, with analysts' forecast on the lower end of that range at $2.05 a share.