Park Hotels & Resorts Clocks 35% Revenue Growth In Q1 Aided By Rebound At Urban Hotels

Park Hotels & Resorts Inc PK reported first-quarter FY23 sales growth of 35.3% year-on-year to $648 million, beating the consensus of $616.76 million.
System-wide comparable RevPAR increased 40.2% Y/Y.
Operating income for the quarter was $80 million versus $1 million last year. Operating margin was 12.4%.
Adjusted EBITDA increased 78% Y/Y to $146 million.
The company repurchased a total of 8.8 million shares during the first quarter of 2023 at an average price of $11.84 per share, or approximately $105 million.
Park's net debt as of March 31, 2023, was $3.9 billion.
EPS for the quarter was $0.15 compared to $(0.24) last year. Adjusted FFO per share was $0.42 versus $0.08 last year.
The company expects to declare a second-quarter 2023 cash dividend of $0.15 per share in June 2023, subject to approval by its Board of Directors.
Park Hotels held $875 million in cash and equivalents as of March 31, 2023.
Outlook: Park Hotels raised FY23 Adjusted FFO per share guidance from $1.60-$1.99 to $1.76-$2.12. PK expects EPS of $0.47-$0.82 (prior view $0.35-$0.75).
It continues to expect FY23 RevPAR of $167 million - $179 million.
Price Action: PK shares traded higher by 3.5% at $12.48 on the last check Monday.

Momentum14.41

Growth47.57

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