Marriott's Earnings Fall on Shorter Quarter
Updated: Thursday, February 20 2014, 10:22 AM EST
Marriott International says its fourth-quarter earnings fell 17 percent after the hotel company shortened its quarter.
The hotel chain, best known for brands like Courtyard, Ritz-Carlton and Fairfield Inn, on Wednesday reported net income of $151 million, or 49 cents per share, for the 92 days that ended Dec. 31. That was down from the $181 million, or 56 cents per share, it earned in 2012 during a 112-day quarter.
The Bethesda, Md.-based company is changing its reporting calendar.
Marriott says revenue fell 14 percent, to $3.22 billion from $3.76 billion.
Wall Street had predicted the company would earn 49 cents per share on revenue of $3.37 billion, according to FactSet.
Shares are down 7 cents to $51.47 in after-hours trading.
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