Hilton Worldwide Holdings Inc. (HLT) reported Thursday a first-quarter adjusted profit that beat expectations, but revenue that fell shy of forecasts as the COVID-19 pandemic led to decreases in occupancy and management and franchise fees. The stock was indicated up over 2% in premarket trading. Net income fell to $18 million, or 6 cents a share, from $158 million, or 54 cents a share, in the year-ago period. Excluding non-recurring items, such as impairment losses and amortization, adjusted earnings per share slipped to 74 cents from 80 cents but was above the FactSet consensus of 51 cents. Revenue declined 12.9% to $1.92 billion, just below the FactSet consensus of $1.93 billion. Revenue per available room (RevPAR) dropped 22.6% to $76.16, as occupancy fell 14.3% to 56.0%. "With the exception of the Asia Pacific region, Hilton's first quarter results were not significantly impacted by the COVID-19 pandemic until March 2020, with occupancy roughly flat through February in the Americas and Europe, Middle East and Africa (EMEA) regions," said Chief Executive Christopher Nassetta. Occupancy in Asia Pacific fell 27.6% to 38.1%. The stock has tumbled 36.2% year to date through Wednesday, while the S&P 500 has lost 11.8%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 07, 2020 06:16 ET (10:16 GMT)
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