Hilton Records Bigger Than Expected Quarterly Profit
Hotel operator Hilton Worldwide Holdings Inc reported a bigger-than-expected quarterly profit and raised its full-year financial outlook, buoyed by strong demand for rooms in Europe and Asia Pacific markets.
Strength in the global economy is boosting business travel, which is driving up demand for hotel rooms.
Hilton said it now expects 2018 revenue per available room - a key performance metric for the hotel industry – to grow by 2-4%, compared with its previous forecast of 1-3% growth.
The company, which also owns the Conrad and Double Tree hotels, raised it full-year adjusted earnings expectations to $2.62-$2.71 per share, from $2.49-$2.60 per share.
Excluding one-time items, Hilton earned 55c per share in the first quarter, beating analysts' average expectation of 51c, according to Thomson Reuters I/B/E/S.
Revenue rose 9.4% to $2.07 billion.