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Hilton, which also owns the Conrad and the Double Tree hotel
chains, said it now expects 2017 adjusted earnings in a range of
$1.78 and $1.85 per share, up from $1.73 to $1.81 per share
forecast previously.
The company also raised it full-year forecast for adjusted
earnings before interest, taxes, depreciation and amortization
to a range of $1.88 billion to $1.92 billion, from $1.86 billion
to $1.90 billion.
Hilton, like its hotel industry peers, is benefiting from an
uptick in corporate demand, as companies spend more based on
improved business sentiment following Donald Trump's election as
president in November.
System-wide occupancy rose 0.4 percent in the second quarter
ended June 30, while average daily room rate rose 1.2 percent.
RevPAR, a key measure of hotel health calculated by multiplying
a hotel's average daily room rate by its occupancy rate,
increased 1.8 percent.
Net income attributable to Hilton stockholders was $166 million,
or 51 cents per share, in the second quarter.
The company's net income in the year-ago quarter was $239
million, or 72 cents per share, reflecting $144 million from
discontinued operations.
Excluding items, Hilton earned 52 cents in the quarter.
Revenue rose to $2.35 billion from $1.95 billion.
Analysts on average had expected quarterly earnings of 50 cents
per share and revenue of $2.33 billion, according to Thomson
Reuters I/B/E/S.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Amrutha
Gayathri)
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