Marriott (NASDAQ:MAR) shares are up premarket Tuesday after the company beat first-quarter earnings and guidance expectations.
Solid demand and the lifting of travel restrictions throughout the Asia-Pacific region, particularly in Greater China, significantly boosted the company's results.
The hotel company reported Q1 EPS of $2.09, $0.24 better than the analyst estimate of $1.85, while revenue for the quarter came in at $5.62 billion versus the consensus estimate of $5.45B.
"We are off to a great start in 2023," said Anthony Capuano, president and chief executive officer of Mariott. "First quarter worldwide RevPAR1 grew 34 percent year over year, with meaningful gains in both occupancy and average daily rate. International markets were particularly robust, with RevPAR growth of 63 percent."
At the time of writing, MAR is trading 1.68% higher premarket, at $173 per share, adding to its strong gains in the last 12 months.
Looking ahead, Marriott sees Q2 adjusted earnings between $2.09 and $2.15 per share, versus the consensus of $2.03, while FY2023 adjusted earnings are expected to come in between $7.97 and $8.42 per share, versus the consensus of $7.74. The company's full-year earnings guidance was raised from the previous forecast of $7.23 to $7.91 per share.