Marriott reports Q3 adjusted EPS $1.47, consensus $1.49
Reports Q3 revenue $5.25B, consensus $5.13B. Q3 comparable systemwide constant dollar RevPAR rose 1.5% worldwide, 1.9% outside North America and 1.3% in North America. The company added more than 17,700 rooms during Q3, including roughly 3,100 rooms converted from competitor brands and approximately 6,700 rooms in international markets. At quarter-end, Marriott's worldwide development pipeline totaled roughly 2,950 hotels and nearly 495,00. CEO Arne Sorenson said, "It's been just over three years since the completion of the Starwood acquisition. In that time, we've realized meaningful synergies, enhanced guest satisfaction, and recycled more than $2.2 billion of assets. Earlier this year, we launched our new loyalty program, Marriott Bonvoy, which provides meaningfully enhanced member benefits while leveraging our broad portfolio and significant hotel distribution. With more than 12 million guests joining Marriott Bonvoy since the beginning of the year, program membership reached 137 million in the quarter and the percentage of occupancy from members increased 320 basis points worldwide. In the third quarter, our worldwide comparable systemwide constant dollar RevPAR increased 1.5 percent, consistent with our guidance, while our global RevPAR index rose 210 basis points. Our sales organization is hitting its stride. For comparable hotels in North America, group revenue booked in the third quarter for all future periods increased 6 percent and, today, group revenue pace for 2020 is up at a mid-single digit growth rate. Year-to-date through November 1, we have already returned nearly $2.3 billion to shareholders. For full year 2019, we expect cash returned to shareholders through dividends and share repurchases could approach $3 billion. We expect continued strong demand for our products. For the fourth quarter of 2019, we expect comparable RevPAR on a constant dollar basis will increase 0 to 1 percent in North America, roughly 1 percent outside North America, and roughly 1 percent worldwide. For full year 2020, we expect comparable systemwide RevPAR on a constant dollar basis will be flat to up 2 percent worldwide, with RevPAR growth in North America around the middle of that range."