Marriott International says lower revenue and hefty restructuring charges pushed down its net income 76 percent in the second quarter. Marriott and other hotel operators have suffered in the recession as both business and leisure travel wane.
Net income plummeted to $37 million, or 10 cents per share, from $157 million, or 42 cents per share. Excluding restructuring and other charges, profit was 23 cents per share, 2 cents better than the average analyst forecast.
Revenue slid 20 percent to $2.56 billion, while revenue per available room, a key metric for lodging companies, declined 26.1 percent.
The Bethesda, Md., company says its third-quarter income could be as low as 9 cents per share, or less than half the current analyst estimate.