Hilton Worldwide (HLT) Misses Q1 EPS by 7c, Revenues Miss

Hilton Worldwide (NYSE: HLT) reported Q1 EPS of $0.02, $0.07 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $874 million versus the consensus estimate of $1.1 billion.

• Diluted EPS was $(0.39) for the first quarter, and diluted EPS, adjusted for special items, was $0.02
• Net loss was $109 million for the first quarter
• Adjusted EBITDA was $198 million for the first quarter
• System-wide comparable RevPAR decreased 38.4 percent on a currency neutral basis for the first quarter from the same period in 2020
• Approved 21,900 new rooms for development during the first quarter, bringing Hilton's development pipeline to 399,000 rooms as of March 31, 2021
• Added 16,500 rooms to Hilton's system in the first quarter, contributing to 13,100 net additional rooms during the period and approximately 5.8 percent annualized net unit growth from March 31, 2020
• As of April 28, 2021, 97 percent of Hilton's system-wide hotels were open
• In March 2021, repaid $250 million of the outstanding debt balance under the Revolving Credit Facility, for a total of $500 million repaid in the first quarter

Overview

Christopher J. Nassetta, President & Chief Executive Officer of Hilton, said, "We are pleased with our first quarter results. While rising COVID-19 cases and tightened travel restrictions, particularly across Europe and our Asia Pacific region, weighed on demand in January and February, we saw meaningful improvement in March and April. We expect this positive momentum to continue as vaccines are more widely distributed and our customers feel safe traveling again. We continue to grow our portfolio of hotels in exciting destinations throughout the world, giving our guests more options than ever before to make a Hilton hotel a part of their plans as travel resumes."

For earnings history and earnings-related data on Hilton Worldwide (HLT) click here.

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