Hilton Worldwide Holdings Inc HLT.N has topped analyst estimates for quarterly profit and revenue, as higher vaccinations and a rebound in travel demand during the holiday period boosted occupancy rates at its hotels.
Benefitted From Higher Travel Demand
Hospitality companies around the globe have benefitted from higher travel demand during the fourth quarter with more people checking into hotels during the holiday period, boosting occupancy rates to near pre-COVID-19 pandemic levels.
Comparable RevPAR And Occupancy Rates
Hilton reported comparable RevPAR (revenue per available room) of $84.14 for the fourth quarter, as occupancy rates across its hotels rose to 61.3% from 20.7% a year earlier.
Peer Marriott International Inc MAR.O also topped analyst estimates for quarterly results this week, with occupancy rates in its US and Canada region jumping to 60% from 35.1% a year earlier.
US And Canada Region Occupancy
Occupancy at Hilton's US and Canada region nearly tripled to 63.3% in the quarter.
Statement By Hilton CEO
Hilton CEO Christopher Nassetta said that he remains confident about a recovery across segments in 2022, despite facing a short-term impact from newer variants of COVID-19 in 2021.
Net Income Attributable To Shareholders
The company reported net income attributable to shareholders of $147 million, or 52 cents per share, for the quarter ended 31 December, compared to a net loss of $224 million, or 81 cents per share, a year earlier.
Earning Per Share And Revenue
Excluding items, Hilton earned 72 cents per share compared with Refinitv IBES estimates of 70 cents per share, while fourth-quarter revenue nearly doubled to $1.84 billion compared to estimates of $1.83 billion.
News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.
