(Updated - May 4, 2017 7:42 AM EDT)

Hyatt Hotels (NYSE: H) reported Q1 EPS of $0.73, versus the consensus of $0.33.

Announces $500 Million Share Repurchase Authorization.

Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, "I am pleased with our first quarter results which reflect the strength of the Hyatt brands and demonstrate upward momentum in our business. In the quarter, Adjusted EBITDA grew approximately 18%, driven by systemwide comparable RevPAR growth of nearly 5% and the continued expansion of our portfolio, including earnings from recently opened and acquired properties."

First quarter of 2017 financial highlights as compared to the first quarter of 2016 are as follows:

• Net income increased 104.8% to $70 million.
• Adjusted EBITDA increased 17.8% to $228 million, up 18.8% in constant currency.
• Comparable systemwide RevPAR increased 4.7%, including an increase of 2.7% at comparable owned and leased hotels.
• Comparable U.S. hotel RevPAR increased 4.8%; full service and select service hotel RevPAR increased 5.3% and 3.6%, respectively.
• Comparable owned and leased hotels operating margins increased 50 basis points to 25.8%.
• Adjusted EBITDA margin increased 120 basis points to 31.8%, in constant currency.
• Net hotel and net rooms growth was 9% and 7%, respectively.

Mr. Hoplamazian continued, "Our disciplined program of asset recycling supported our long-term growth strategy and yielded meaningful shareholder capital returns in the quarter. With the investment and redemption of our preferred equity stake in Playa Hotels & Resorts, we facilitated the growth of our all inclusive resort business and funded a $300 million accelerated share repurchase program. Looking ahead, we continue to target an even balance of acquisitions and dispositions over the long term to stimulate the growth of the Hyatt brand and create shareholder value. Given our liquidity profile, strong operating results and expected asset disposition activity, I am pleased to announce that our Board of Directors has approved a new $500 million share repurchase authorization."

017 OUTLOOK

The Company is reaffirming the following information for the 2017 fiscal year:

• Adjusted EBITDA is expected to be approximately $769 million to $804 million. These estimates include a negative impact from foreign currency translation of approximately $15 million (at the low end of the forecast) to $10 million (at the high end of the forecast). Refer to the table on page 3 of the schedules for a full reconciliation of the Company's forecast for Net Income attributable to Hyatt Hotels Corporation to Adjusted EBITDA, a non-GAAP measure.
• Comparable systemwide RevPAR is expected to increase approximately 0% to 2%, as compared to fiscal year 2016.
• Adjusted selling, general, and administrative expenses are expected to be approximately $310 million. This excludes approximately $31 million of stock-based compensation expense, and any potential expenses related to benefit programs funded through rabbi trusts.
• Other income (loss), net is expected to be negatively impacted by approximately $80 million related to performance guarantee expense for the four managed hotels in France.
• The effective tax rate is expected to be approximately 36% to 38%.
• The Company expects to open approximately 60 hotels.

The Company is revising the following information for the 2017 fiscal year:

• Net income is expected to be approximately $123 million to $159 million, compared to previous expectation of $130 million to $166 million.
• Capital expenditures are expected to be approximately $375 million, compared to previous expectation of $430 million. The decrease from the prior estimate is primarily attributable to the Company entering into unconsolidated joint venture agreements with respect to several corporate development projects, along with a change in the timing of corporate development projects.
• Depreciation and amortization expense is expected to be approximately $376 million to $380 million, including the acquisition of Miraval. This compares to the Company's previous expectation of $370 million to $374 million.
• Interest expense is expected to be approximately $83 million, reflecting amounts drawn on Hyatt's revolving credit facility. This compares to the Company's previous expectation of $77 million.

For earnings history and earnings-related data on Hyatt Hotels (H) click here.