Hyatt Hotels Q3 Earnings Surge, Beat Estimates; Cuts Outlook

(RTTNews) - Hyatt Hotels Corp. (H) on Wednesday reported higher earnings driven by the strength of its core business. Earnings result beat the Street view.

The company, however, lowered its earning guidance for the full year.

Quarterly profit increased to $68 million, or $0.63 per share from $28 million or $0.25 per share same period last year.

Excluding items, earnings were $75 million or $0.70 per share compared to $72 million or $0.64 per share in the previous year.

On average, 13 analysts polled by Thomson Reuters expected earnings of $0.62 per share for the year. Analysts' estimates typically exclude special items.

Net rooms growth was around 6.2 percent for the quarter.

Looking forward to the full year, the hotel chain lowered its earnings guidance to $210 million compared to the previous guidance of $215 million.

The Net room growth remains unchanged at 6 percent.

On Wednesday, Hyatt Hotels shares closed at $104 up 1.52% on the New York Stock Exchange.