Hilton hikes expectations after bumper third quarter
By Josh White
Date: Wednesday 25 Oct 2023
(Sharecast News) - Hotel giant Hilton Worldwide surpassed third-quarter revenue expectations in its latest figures on Wednesday on the back of record-high lodging prices and increased occupancy rates, prompting an upward revision to its annual forecast.
The company reported a 6.8% year-on-year increase in third-quarter revenue per available room (RevPAR).
For the quarter, the company's revenue rose 12.88% to reach $2.67bn, surpassing the average Wall Street estimate of $2.64bn, as per LSEG data.
Adjusted earnings per share stood at $1.67, aligning with the average analysts' estimate.
"We continued to see strong results during the third quarter, exceeding our expectations for system-wide RevPAR growth, with growth across all customer segments," said chief executive officer Christopher Nassetta.
Hilton revised its annual adjusted profit outlook to a range between $6.04 and $6.09 per share, from the previous $5.93 to $6.06 range.
The company also anticipated a full-year revenue per room increase ranging between 12% and 12.5% compared to the prior year.
Net unit growth, which accounts for room additions, was expected to remain at approximately 5% for the entire year.
Reporting by Josh White for Sharecast.com.
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