Why Are Hyatt Hotels (H) Shares Falling Today? - Hyatt Hotels (NYSE:H)

Hyatt Hotels Corp (NYSE:H) shares are trading lower by around 4% after it reported Q3 FY23 results.

Sales stood at $1.62 billion, missing the analyst consensus of $1.64 billion. Comparable system-wide RevPAR increased 8.9% Y/Y.

Net Rooms Growth was 6.2% Y/Y. Comparable owned and leased hotels RevPAR increased 8.9% Y/Y.

Adjusted EBITDA declined to $247 million from $252 million last year. Adjusted EPS of $0.70 beat the analyst consensus of $0.60.

Hyatt repurchased 1.25 million shares for $144 million in Q3. At the end of Q3, the company had a total debt of $3.06 billion.

The company is on track to double its brand footprint in Canada by the end of 2026, with over 20 executed managed and franchised agreements across its distinct brands.

FY23 Outlook: Hyatt lowered the outlook for net income to $210 million from $215 million, Adjusted EBITDA to $1.005 billion-$1.025 billion from $1.02 billion-$1.07 billion, and capital expenditure to around $190 million from $200 million.

The company continues to expect net rooms growth of approximately 6% and now projects system-wide constant dollar RevPAR to grow 15%-16% (vs. 14%-16% earlier).

Also Read: Hyatt's Transformation Into Asset-Lite Model: Analyst On Growth Potential Amidst Optimistic Group Bookings

Price Action: H shares are down by 3.86% at $100.01 on the last check Thursday.

HHyatt Hotels Corp

$172.665.03%

Overview

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.

Benzinga

Benzinga

Why Are Hyatt Hotels Shares Falling Today?