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Marriott CFO expects $500 million-$1 billion free cash flow in 2012
By Aleesia Forni
Columbus, Ohio, Oct. 6 - Marriott International Inc. expects to generate roughly $500 million to $1 billion of free cash flow for stock repurchase or "opportunistic investment" in 2012, chief financial officer Carl T. Berquist said.
During the company's third-quarter earnings conference call, Berquist continued to say the company expects investment activities to be higher in 2012 versus its 2011 levels of roughly $500 million to $600 million.
The Bethesda, Md.-based hotel operator reported adjusted EBITDA of $240 million for the quarter, compared to EBITDA of $220 million during the same quarter last year.
Marriott also reported total debt of $3.1 billion and cash balances of $220 million as of Sept. 9.
Net income totaled $104 million for the third quarter, a 25% increase versus third-quarter 2010 net income.
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