Hilton posts first-quarter profit as travel demand rebounds
2022.05.03 13:37
FILE PHOTO: The Hilton logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 29, 2019. REUTERS/Brendan McDermid/File Photo
(Reuters) – Hilton Worldwide Holdings (NYSE:HLT) Inc reported a quarterly profit on Tuesday, compared with a year-earlier loss, following a rebound in travel demand after a surge in COVID-19 cases early in the year due to the Omicron variant.
Hotel operators the world over have benefited from higher travel demand during the first quarter, boosting occupancy rates.
Hilton’s comparable RevPAR, or revenue per available room, rose 80.5% for the reported quarter.
The company resumed share repurchases in March and declared a quarterly cash dividend in May this year.
“Our results in the quarter … enabled us to begin returning capital to shareholders earlier than we had anticipated,” Chief Executive Officer Christopher Nassetta said.
The company reported revenue of $1.72 billion for the first quarter, compared with $874 million a year earlier.
Net income attributable to Hilton stockholders was $212 million, or 75 cents per share, for the quarter ended March 31, compared with a loss of $108 million, or 39 cents per share, a year earlier.
