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Hilton beat earnings expectations and sees ‘meaningful uptick’ in openings, but stock falls

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Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.

Shares of Hilton Worldwide Holdings Inc. HLT, +1.21% fell 1.1% in premarket trading Wednesday, after the hotel operator reported third-quarter earnings that topped expectations but provided a downbeat outlook for the current quarter, while saying an “inflection point” has been hit as a “meaningful uptick” in openings is expected. Net income rose to $377 million, or $1.44 a share, from $347 million, or $1.26 a share, in the year-ago period.

Revenue grew 12.9% to $2.67 billion, above the FactSet consensus of $2.62 billion, as revenue per available room increased 6.8% to $121.37 to beat expectations of $120.30. The company expects fourth-quarter adjusted EPS of between $1.51 and $1.56, compared with the FactSet consensus of $1.56. For 2023, Hilton raised its guidance ranges for adjusted EPS to between $6.04 and $6.09 from $5.93 and $6.06 and for RevPAR growth to between 12.0% and 12.5% from 10% and 12%.

 

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Oil stocks see broad selloff as Chevron’s buyout of Hess fails to fuel buyingTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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