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Hilton reports fourth quarter loss on restructuring charges

Wednesday, February 15, 2017 7:13
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(Before It's News)

Hilton Worldwide Holdings (NYSE:HLT) on Wednesday reported a fourth quarter loss, reflecting restructuring costs.

The owner of the Waldorf Astoria hotel chain posted a net loss of $387mln in the three months ended 31 December 2016, compared to a profit of $814mln a year ago.

The company incurred $513mln restructuring charges before it completed its spinoff of Park Hotels & Resorts and Hilton Grand Vacations. The spinoff, completed in January, resulted in three separate companies including Hilton Worldwide, Park Hotels & Resorts Inc. and Hilton Grand Vacations Inc.

Excluding the restructuring charges incurred before the spinoffs, underlying earnings rose to $751mln from $745mln. Adjusted diluted earnings per share climbed to 70c from 65c.

Revenue rose to $2.92bn from $2.86bn, supported by growth in hotel bookings at higher prices.

Analysts had expected revenue of $2.91bn and EPS of 65c, according to Thomas Reuters.

System-wide revenue per available room rose 0.9%, compared to the company’s guidance of between flat to 1% growth in the fourth quarter.  

Hilton said it added 354 hotels to its system last year. 

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/173207/hilton-reports-fourth-quarter-loss-on-restructuring-charges-173207.html

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