net income: 22%+
BETHESDA, Md. – Hotel operator Marriott International says its first-quarter net income rose 22 percent as the industry continues to bounce back from the recession.
But its profit and revenue missed analysts' expectations as high unemployment, the dismal housing market and, now, high fuel prices continued to weigh on consumers in North America.
Marriott shares edged down 28 cents to $35 in aftermarket trading Wednesday.
The company, which operates Marriott, Ritz-Carlton and other lodging brands, said its net income was $101 million, or 26 cents per share, for the period that ended March 25. Analysts expected 27 cents per share, according to FactSet.
Revenue rose 6 percent to $2.78 billion. Analysts expected $2.85 billion.