NEW YORK— Marriott International Inc. posted a rise in first-quarter profit, boosted by its synthetic fuel operations. However, results at the companys core hotel units sagged. Washington-based Marriott reported a profit of $116 million, or 48 cents per share, compared with a profit of $82 million, or 32 cents per share, a year earlier. Excluding discontinued operations, the company said it earned 36 cents a share. Revenue rose to $2.0 billion from $1.8 billion in last years quarter and revenue per available room dropped 1.5% from a year earlier. Analysts polled by Reuters Research on average had expected earnings of 35 cents per share on $1.86 billion in revenue. Marriott in early February had said expected earnings per share between 36 cents and 40 cents, with room revenue down 3% in the fiscal quarter. Marriott forecast second-quarter earnings per share between 46 cents and 49 cents, with revenue per available room down 4% compared to last year. The company said it expected third-quarter earnings per share between 30 cents and 34 cents, fourth-quarter earnings per share between 64 cents and 68 cents, and 2003 earnings per share between $1.76 and $1.87. All the forecasts include income from the companys synthetic fuel operations, which added 8 cents per share to the companys bottom line in the first quarter. Shares of Marriott fell 50 cents, or 1.39%, to $35.44 in early morning trading on the New York Stock Exchange.
