Shares of Hilton Worldwide Holdings (NYSE: HLT) inched down in morning trading on Wednesday even as the hospitality company reported adjusted earnings of $1.24 per share in Q1 versus $0.71 in the same period last year and exceeded analysts’ expectations of $1.13 per share.
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System-wide comparable revenue per available room (RevPAR) soared by 30% year-over-year on a currency-neutral basis in Q1. Total revenues surged by 33.2% year-over-year in Q1 to $2.29 billion, versus consensus estimates of $2.20 billion.
Hilton added 9,200 rooms to its system in the first quarter, resulting in 5,300 net additional rooms in the company’s system during the period. The company repurchased 3.2 million shares of its common stock during Q1.
Looking forward, the management also raised its FY23 growth outlook for revPAR that is expected to rise between 8% and 11% year-over-year on a comparable and currency neutral basis while adjusted EBITDA is likely to range from $2.88 billion to $2.95 billion.
HLT stock is rated a Moderate Buy by Wall Street analysts based on four Buys and six Holds.
