Hyatt Hotels Earnings: Consecutive Profit Quarter Streak Stays Intact
Hyatt Hotels Corporation (NYSE:H) reported its results for the third quarter. Hyatt Hotels provides hospitality services on a worldwide basis through the management, franchising and ownership of hospitality related businesses.
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Hyatt Hotels Corporation Earnings Cheat Sheet
Results: Net income for Hyatt Hotels Corporation rose to $23 million (14 cents per share) vs. $14 million (8 cents per share) in the same quarter a year earlier. This marks a rise of 64.3% from the year-earlier quarter.
Revenue: Rose 8.9% to $977 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Hyatt Hotels Corporation fell short of the mean analyst estimate of 17 cents per share. Analysts were expecting revenue of $964.8 million.
Quoting Management: Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, “We have made significant progress since our IPO nearly three years ago. We have materially increased earnings, expanded our presence in many key markets, improved guest satisfaction levels, gained market share at many of our properties, and strengthened engagement among our associates across our hotels.”
Revenue has increased for four quarters in a row. Revenue increased 8.3% to $1.01 billion in the second quarter. The figure rose 9.5% in the first quarter from the year earlier and climbed 7.8% in the fourth quarter of the last fiscal year from the year-ago quarter.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 24 cents versus a mean estimate of net income of 23 cents per share.
Net income has increased more than twofold year-over-year on average across the last five quarters. The biggest gain came in the fourth quarter of the last fiscal year, when income climbed 766.7% from the year-earlier quarter.
Looking Forward: Expectations for the company’s next-quarter performance are more favorable than they were a month ago. The average estimate for the fourth quarter is now at 15 cents per share, up from 15 cents. The average estimate for the fiscal year has remained at 60 cents per share.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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