UPDATE: Park Hotels & Resorts (PK) Tops Q1 EPS by 19c
Park Hotels & Resorts (NYSE: PK) reported Q1 EPS of $0.48, $0.19 better than the analyst estimate of $0.29. Revenue for the quarter came in at $659 million versus the consensus estimate of $659.82 million.
First Quarter 2019 Highlights
- Comparable RevPAR was $176.44, an increase of 4.5% from the same period in 2018;
- Net income was $97 million and net income attributable to stockholders was $96 million;
- Adjusted EBITDA was $176 million;
- Adjusted FFO attributable to stockholders was $136 million;
- Diluted earnings per share was $0.48;
- Diluted Adjusted FFO per share was $0.67, an increase of 3.1% from the same period in 2018;
- Comparable Hotel Adjusted EBITDA margin was 28.7%, an increase of 100 bps from the same period in 2018; and
- Completed the sale of the Pointe Hilton Squaw Peak Resort and the Hilton Nuremberg for total gross proceeds of $68.9 million.
- Additionally, Park announced, in a separate press release today, a $2.7 billion strategic acquisition of Chesapeake Lodging Trust, which is expected to be completed in late third quarter or early fourth quarter.
Thomas J. Baltimore, Jr., Chairman, President and Chief Executive Officer, stated, “I am very pleased with our first quarter results, which has laid the foundation for a strong year for Park. First quarter RevPAR increased 4.5%, driven by exceptional performance in San Francisco where RevPAR was up nearly 24%. Our portfolio grew RevPAR index share by 480 basis points in aggregate, highlighting the success of our internal growth initiatives. Comparable Hotel Adjusted EBITDA margin also improved 100 basis points, demonstrating our success in improving operational efficiencies in our portfolio. In addition, the success of our grouping up initiative allowed us to achieve 35% overall group mix for the first quarter. With group pace still trending over 10% for our comparable portfolio, we remain confident that we are well positioned to once again deliver strong results in 2019. We also made meaningful progress on our capital recycling initiatives, closing on the sale of the Hilton Squaw Peak Resort and the Hilton Nuremberg. To date, we have sold 15 non-core assets for approximately $590 million.”
For earnings history and earnings-related data on Park Hotels & Resorts (PK) click here.