Hyatt reports second-quarter 2018 results
Raises Full-Year Outlook for RevPAR Growth, Earnings and Shareholder Capital Returns |
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Hyatt reports second-quarter 2018 results
Raises Full-Year Outlook for RevPAR Growth, Earnings and Shareholder Capital Returns |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2018-08-02
Declares $0.15 Cash Dividend for the Third QuarterHyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported second-quarter 2018 financial results. Net income attributable to Hyatt was $77 million, or $0.66 per diluted share, in the second quarter of 2018, compared to $103 million, or $0.81 per diluted share, in the second quarter of 2017. Adjusted net income attributable to Hyatt was $84 million, or $0.72 per diluted share, in the second quarter of 2018, compared to $65 million, or $0.51 per diluted share, in the second quarter of 2017. Refer to the table on page 4 of the schedules for a summary of special items impacting Adjusted net income and Adjusted earnings per share in the three months ended June 30, 2018.
Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, "Strong second-quarter results demonstrate continued upward momentum in our management and franchising business, underpinned by 4.0% comparable system-wide RevPAR growth and 7.4% net rooms growth. Management and franchise fees grew approximately 13% in the quarter on a constant-currency basis, fueling the evolution of our earnings to be increasingly fee-driven."
Second quarter of 2018 financial highlights as compared to the second quarter of 2017 are as follows:
- Net income decreased 24.6% to $77 million.
- Adjusted EBITDA decreased 2.7% to $218 million, down 3.1% in constant currency.
- Comparable system-wide RevPAR increased 4.0%, including an increase of 4.1% at comparable owned and leased hotels. Excluding the impact of Easter holiday timing, comparable system-wide and comparable owned and leased RevPAR increased 3.7%.
- Comparable U.S. hotel RevPAR increased 3.4%; full service and select service hotel RevPAR increased 4.0% and 2.1%, respectively. Excluding the impact of Easter holiday timing, comparable U.S. hotel RevPAR increased 3.0%; full service and select service U.S. hotel RevPAR increased 3.4% and 2.1%, respectively.
- Net rooms growth was 7.4%.
- Comparable owned and leased hotel operating margin increased 160 basis points to 27.2%.
- Adjusted EBITDA margin of 34.2% increased 280 basis points in constant currency.
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