Park Hotels & Resorts (NYSE: PK) reported Q4 EPS of $0.27, $0.04 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $686 million versus the consensus estimate of $653.46 million.

Fourth Quarter 2018 Highlights

• Comparable RevPAR was $170.57, an increase of 3.6% from the same period in 2017;
• Net income was $55 million and net income attributable to stockholders was $54 million;
• Adjusted EBITDA was $184 million;
• Adjusted FFO attributable to stockholders was $147 million;
• Diluted earnings per share was $0.27;
• Diluted Adjusted FFO per share was $0.73, an increase of 7.4% from the same period in 2017; and
• Comparable Hotel Adjusted EBITDA margin was 28.2%, an increase of 40 bps from the same period in 2017.

Thomas J. Baltimore, Jr., Chairman, President and Chief Executive Officer, stated, “I am extremely pleased to announce another outstanding quarter, with RevPAR increasing 3.6%, capping a very productive year for Park with full year earnings exceeding consensus estimates. Operationally, we continue to make meaningful progress on our internal growth initiatives, with comparable hotel adjusted EBITDA margins improving 40 basis points during the quarter and 60 basis points for the full year. With respect to capital recycling, continuing our success from 2018, we recently closed on the sale of the Squaw Peak Resort for $51.4 million, and we have now sold 14 non-core assets for approximately $570 million. Looking ahead, I remain very optimistic on the fundamentals of our business. With group pace up 10% for our 2019 comparable hotels, coupled with our exposure to San Francisco, Hawaii, New York and Chicago where we are seeing increased demand, we believe Park is well positioned to once again deliver strong results in 2019.”

GUIDANCE:

Park Hotels & Resorts sees FY2019 EPS of $1.42-$1.56, versus the consensus of $1.48.

For earnings history and earnings-related data on Park Hotels & Resorts (PK) click here.