CHICAGO - Hyatt Hotels Corporation (NYSE:H) reported second quarter earnings that surpassed analyst estimates, driven by strong RevPAR growth and continued expansion of its hotel portfolio.
The company posted adjusted earnings per share of $1.53, beating the consensus estimate of $0.97 by $0.56. Revenue for the quarter rose 10.5% YoY to $1.68 billion.
Comparable system-wide RevPAR increased 4.7% compared to Q2 2023, while net rooms growth was 4.6%. Hyatt's pipeline of executed management or franchise contracts reached a record 130,000 rooms, up 9% YoY.
"We posted solid second quarter results demonstrating our differentiated positioning and continued momentum," said Mark S. Hoplamazian, President and CEO of Hyatt. "These achievements demonstrated the strength of our asset-light earnings model, which is designed to deliver strong free cash flow and enhance shareholder value."
For full-year 2024, Hyatt now expects system-wide RevPAR growth of 3.0% to 4.0% and adjusted EBITDA between $1.135 billion and $1.175 billion.
The company repurchased approximately 907,000 shares of Class A common stock for $134 million during the quarter. Hyatt declared a quarterly cash dividend of $0.15 per share.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.