Marriott International Inc. reported second-quarter net income of $414.0 million, or earnings per share of $1.08, and net income as adjusted of $432.0 million, or $1.13 per share.
The adjusted figure factors in costs related to the company's acquisition of Starwood Hotels & Resorts Worldwide, completed in September 2016. In combined 2016 second-quarter results, which assume the Starwood acquisition and Starwood's sale of its timeshare business had been completed Jan. 1, 2015, the company reported net income of $333.0 million, or 84 cents per share.
In the second quarter, EPS rose 13% over the combined results from the year-ago quarter, and adjusted EPS rose 35% from the combined results. On an aggregate basis, net income rose 68% over the prior-year results, and adjusted net income rose 30%.
The S&P Capital IQ consensus GAAP EPS estimate for the second quarter was $1.01.
Worldwide comparable systemwide constant dollar revenue per available room rose 2.2% in the second quarter, while North American comparable systemwide constant dollar RevPAR rose 0.9%.
Marriott forecasts EPS in the range of 96 cents to 99 cents for the third quarter. The company also expects EPS for the fourth quarter between 96 cents and $1.05. For the third quarter, the S&P Capital IQ consensus GAAP EPS estimate is $1.02, while analysts expect GAAP EPS for the fourth quarter of $1.01.
For the full year, EPS is expected in a range of $4.06 to $4.18, compared to a previous estimate, issued with the company's first-quarter results, of $3.92 to $4.09. The consensus estimate for GAAP EPS for the full year is $3.95.
The company repurchased 7.3 million shares of its common stock in the second quarter, for $725 million.