Park Hotels & Resorts (NYSE:PK) shares are gaining premarket Monday after it beat first-quarter earnings and revenue estimates, benefitting from the ongoing strong travel demand.
The hotel properties firm reported first-quarter earnings of $0.15 per share, $0.08 better than the analyst estimate of $0.07, while revenue for the quarter came in at $648 million versus the consensus estimate of $617.23M.
PK shares are currently up 3.73% at $12.50 per share premarket, adding to Friday's over 3% gain.
The positive results for PK were driven by the ongoing improvements at its urban hotels and the sustained strength in its resort markets, the company said. In addition, the rebound at its urban hotels was "very robust," while Hawaii continues to outperform.
"Despite increased macroeconomic uncertainty, Park remains very well-positioned to execute on our strategic initiatives and create long-term value for shareholders with approximately $1.8 billion of liquidity," said Thomas Baltimore, Jr., chairman and chief executive officer of PK.
Looking ahead, Park Hotels & Resorts sees FY2023 EPS of $0.47 to $0.82 versus the consensus of $0.64.