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.