Hyatt Hotels Corporation (H) Thursday reported net income of $522 million or $4.93 per share for the first quarter, significantly higher than $58 million or $0.53 per share in the same quarter a year ago. However, earnings missed analysts' view. Hyatt Hotels shares were down more than 4 percent in pre-market to $141.50.
Excluding one-time items, adjusted earnings were $75 million or $0.71 per share, up from $45 million or $0.41 per share last year. On average, 14 analysts polled by Thomson-Reuters expected earnings of $0.91 per share. Analysts' estimates typically exclude special items.
Adjusted earnings before interest, taxes, depreciation, and amortization or adjusted EBITDA was 252 million for the quarter, lower than $268 million in the same quarter a year ago.
Comparable system-wide hotels revenue per available room or RevPAR increased 5.5 percent from last year.
Comparable system-wide all-inclusive resorts Net Package RevPAR increased 11.0 percent compared to the same period in the previous year.
The company's board has declared a dividend of $0.15 per share for the second quarter, payable on June 11, to stockholders of record on May 29.
Looking ahead, Hyatt Hotels expects full-year comparable system-wide hotels RevPAR to increase 3 percent to 5 percent on a constant currency basis.
The company continues to expect adjusted EBITDA in the range of $1.150 billion - $1.195 billion for the year.
Hyatt Hotels shares had closed at $147.82, down 1.72 percent on Wednesday. The stock has been trading in the range of $96.77 - $161.50 in the last 1 year.
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