Marriott posts 3Q loss on timeshare charges

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Associated Press

Posted on October 8, 2009 at 6:04 AM

Updated Thursday, Oct 8 at 6:04 AM

BETHESDA, Md. (AP) — Marriott International says it lost $466 million in its third quarter on hefty impairment charges, mostly related to its timeshare business.

The hotel operator lost $1.31 per share for the period ended Sept. 11 compared with earnings of $94 million, or 25 cents per share, a year earlier.

Excluding impairment charges of $1.41 per share and other items, adjusted income from continuing operations was $53 million, or 15 cents per share.

Adjusted results surpassed analyst expectations for profit of 13 cents per share.

Revenue fell 17 percent to $2.47 billion. Wall Street expected $2.39 billion.

Marriott expects fourth-quarter adjusted income from continuing operations in a range of 20 to 23 cents per share.

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