Marriott Corp. and International Bank of Washington, two of the area's largest companies, yesterday reported improved profits for the most recent quarters.
Bethesda-based Marriott, currently celebrating its 50th anniversary, said profits rose 24 per cent to $9.4 million (26 cents a share) in the third fiscal quarter ended May 6, compared with $7.6 million (21 cents) for the same period a year earlier.
President J.W. (Bill) Marriott Jr. said the quarter was "better than anticipated," with sales up 18 per cent to $239.6 million. All five of Marriott's lines of business contributed to the quarterly improvement, the chief executive added.
Net income for the nine months ended May 6 totaled $24.9 million (68 cents a share) against $21.8 million (63 cents) a year ago. Sales rose to $725.5 million from $634.8 million.
Hotel profits soared 55 per cent in the recent quarter with occupancy rates "into the 80 per cent range" and group sales up 19 per cent.
International Bank, a diversified financial services firm listed record first-quarter profits of $3.1 million (43 cents a share) compared with $2 million (28 cents) a year ealier.
Revenues rose to $4.27 million from $3.05 million