Hilton’s first-quarter profit more than doubled, bolstered by tax benefits. Its performance beat analysts’ estimates.
The lodging company earned $309 million, or 31 cents per share, for the three months ended March 31. That compares with earnings of $150 million, or 15 cents per share, a year earlier.
Earnings, adjusted for one-time gains and costs, were 17 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
Hilton Worldwide Holdings Inc. said Wednesday that revenue increased to $2.75 billion from $2.6 billion, also topping Wall Street forecasts. Zacks’ analysts predicted $2.74 billion in revenue.
Looking ahead, the chain anticipates full-year adjusted earnings in a range of 92 cents to 98 cents per share and second-quarter adjusted earnings between 25 cents and 27 cents per share. Analsyts polled by FactSet foresee full-year earnings of 95 cents per share and second-quarter earnings of 26 cents per share.
The McLean, Virginia-based company also announced that Thomas Baltimore will serve as CEO of its planned real estate investment trust, while Sean Dell’Orto will serve as chief financial officer. Hilton announced in February that it plans to spin off its timeshare and real estate businesses.
Elements of this story were generated by Automated Insights using data from Zacks Investment Research.
This article was from The Associated Press and was legally licensed through the NewsCred publisher network.