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Marriott International (NYSE: MAR), a leading brand in the highly competitive hotelier industry, posted third-quarter results Thursday morning. Management actually went beyond the high end of its guidance by producing adjusted income from continuing operations of 15 cents per diluted share. According to our earnings preview, Wall Street was figuring on 13 cents per share for the bottom line.
Of course, the earnings beat has to be put in some perspective. Earnings from continuing operations declined well over 50% year-over-year. And the top line plunged 17%. These are significant drops, and they show that the global recession still has some bite left in it, no matter what some of the rosier headlines as of late have said about a recovery.
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