Earnings Roundup: MAR, LSTR
Wednesday, July 14, 2021 7:04 PM

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Marriot International (NYSE: MAR) reported Wednesday that its second quarter profit more than tripled, helped by a rebound in sales and higher revenue per available room. Net income surged to $119.0 million, or 31 cents per share, from $37 million, or 10 cents per share, in the comparable quarter last year. Revenue climbed to $2.77 billion from $2.56 billion in the same quarter last year. Analysts, on average, expect the company to report earnings of 28 cents per share on revenue of $2.74 billion. 

J.W. Marriott, Jr., chairman and chief executive officer of Marriott International, said, "This is an exciting time for Marriott. Business and leisure stays at our hotels are trending up. Revenue per available room increased more than expected in the second quarter and room rates at company-operated hotels in North America rose for the first time in nearly two years."

Looking ahead to the third quarter, the company said that it expects report earnings in the range of 18 cents to 22 cents per share. Analysts currently expect earnings of 22 cents per share. For the full year, the company raised its earnings guidance to a range of $1.05 to $1.13 per share, compared to the prior outlook in the range of 95 cents to $1.05 per share. The consensus estimate is for EPS of $1.04 per share.

"We anticipate even more favorable pricing in the second half of 2010 and into 2011. Combined with productivity improvements achieved over the last year, strong unit growth and increasing demand, we look forward to growing cash flow and strong earnings in 2010 and beyond."

Landstar System, Inc. (NASDAQ: LSTR) reported that its second-quarter profit increased 36% to $24.4 million, or 49 cents per share, from $17.9 million, or 35 cents per share, in the prior year quarter. Revenue jumped 31% to $641.7 million from $491.2 million. Analysts, on average, expected the company to report earnings of 48 cents per share on revenue of $599.71 million. 

Commenting on Landstar's 2010 second quarter, Landstar's Chairman, President and CEO, Henry Gerkens said, "I am very pleased with the Company's performance in the 2010 second quarter. 2010 second quarter revenue, operating income and diluted earnings per share all increased sharply over the corresponding 2009 second quarter amounts. Revenue increased 31 percent due to stronger volumes and pricing, operating income increased 34 percent, despite higher purchased transportation costs and insurance and claims costs, and diluted earnings per share increased 40 percent." 

The company expects 2010 third quarter earnings in the range of 47 cents to 52 cents and revenue to increase in a range of 25 percent to 33 percent over 2009 third quarter revenue. Analysts currently expect the company to earn 50 cents per share on revenue of $609.85 million for the third quarter. 

"The overall freight environment continues to be strong. Recent trends in June, and thus far in July, indicate that both the revenue per load and the number of loads hauled remain strong compared to the corresponding prior year periods. I expect these trends to continue throughout the 2010 third quarter," stated Gerkens. 

Shares of the company lost more than 2% in after-hours trading.

Disclosure: Author doesn’t own any of the stocks discussed here.

 

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