Hyatt Hotels Reports Q2 Adj. Profit Of $0.82 Per Share

(RTTNews) - Hyatt Hotels Corp. (H) Thursday announced a sharp fall in second-quarter earnings to $68 million or $0.63 per share from $206 million or $1.85 per share a year ago. On an adjusted basis, earnings were $88 million or $0.82 per share. The prior year included real estate gains.

On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.86 per share. Analysts' estimates usually exclude special items.

Comparable system-wide RevPAR increased 15 percent from the previous year, while comparable owned and leased hotels RevPAR was up 10.1.

Looking ahead, the Chicago-based company expects a full-year 2023 net income of around $215 million. Wall Street expected $0.86 per share on revenue of $1.68 billion.

Further, the lodging group updated the full year 2023 RevPAR outlook to up 14-16 percent and expanded its pipeline to 119,000 rooms, representing approximately 40 percent of its existing portfolio. Net room growth is expected to increase by around 6 percent.