posted a fourth-quarter loss of $116 million, or 48 cents a share, compared with a profit of $149 million, or 59 cents a share, in the year ago period. The company attributed the loss to restructuring charges, asset write-down and the drop in travel following Sept. 11.
Excluding the charges, the hotel operator posted a profit of 22 cents a share, down 63% from the year ago quarter. Analysts had been expecting a profit of 25 cents a share, according to Thomson Financial/First Call.
The company's hotel room revenues, the common industry barometer, fell 25% for the quarter, a less severe drop than many had predicted.
For 2002, the company expects earnings of $1.55 to $1.60 a share, in line with First Call analyst expectations. Revenue per room is expected to drop 2% to 3% for the year, with the sharpest drop in the first quarter.
Share of Marriott closed at $36.90 Tuesday on the
New York Stock Exchange