Hyatt Hotels Corp. (H) Thursday reported a profit for the fourth quarter, reversing from a loss last year, driven by strong Revenue per Available Room and occupancy, mainly in its international and North American select-service hotels. On an adjusted basis, the Chicago, Illinois-based lodging service provider's earnings per share came in line with analysts' estimates.
Fourth-quarter net income attributable to Hyatt was $6 million or $0.03 per share, compared with a loss of $12 million or $0.07 per share last year.
The results included asset impairments of $21 million, a $20 million gain on the sale of three hotels, and certain other special items, which impacted earnings by $0.04 per share in the recent fourth quarter. Meanwhile, special items had an earnings impact of $0.07 per share in the prior-year quarter.
On an adjusted basis, net income attributable to Hyatt rose to $12 million or $0.07 per share from $1 million or a breakeven per share in the prior-year quarter.
On average, 19 analysts polled by Thomson Reuters expected earnings of $0.07 per share for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues were $918 million, up from $889 million in the comparable period a year ago. Analysts were looking for revenues of $920.77 million for the quarter.
The revenue growth reflected higher revenues from owned and leased hotels, increased management and franchise fees and growth in other revenues from managed properties.
Compared with the preceding third quarter, the company witnessed a decline in net income from $30 million or $0.17 per share, whereas revenue rose sequentially from $879 million.
Commenting on the results, Mark Hoplamazian, president and chief executive officer of Hyatt Hotels, said, "In the fourth quarter, we saw solid growth in demand and RevPAR, especially in our international and select-service properties. Continued focus on flow through led to significant operating margin improvement at our owned hotels."
Comparable hotel revenues increased 4.1 percent, mainly due to higher occupancy in the quarter. Excluding the effect of currency, comparable hotel revenues rose 4.3 percent.
Revenue per Available Room (RevPAR) for comparable owned and leased hotels was up 4.1 percent in the quarter, as occupancy improved 160 basis points and Average Daily Rate (ADR) increased 1.6 percent.
In the North American management and franchising segment, RevPAR for comparable North American full-service hotels increased 3.9 percent in the quarter. Occupancy grew 80 basis points and ADR rose 2.6 percent.
The company also recorded a 9.5 percent growth in RevPAR for comparable North American select-service hotels, with occupancy increasing 590 basis points and ADR edging up 0.3 percent.
In the international management and franchising segment, comparable RevPAR growth was 11.7 percent during the quarter. While occupancy increased 300 basis points, ADR climbed 7 percent.
H closed Wednesday's trading at $49.52, up $0.32, on a volume of 226,300 shares.
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