Hyatt misses earnings on weak DC and international markets
Skift Take
Hyatt Hotels fell the most in more than three months in New York trading after it reported quarterly results that missed estimates, hampered by a sluggish Washington market and slower growth in international markets.
Q3 net income was $23 million, or 14 cents a share...That missed the 18-cent average estimate of 15 analysts in a Bloomberg survey. Profit was up from $14 million, or 8 cents, a year earlier. Revenue per available room increased 4.2 percent for full-service hotels in North America during the quarter. Revenue rose 8.9 percent to $977 million in the quarter from $897 million a year earlier.
"In the short term, the company is seeing some headwinds, including slower growth of near-term group booking activity in North America and lower revenue growth in a number of international markets due to individual market dynamics," Hyatt said in the statement.
More details in earnings release.
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