Park Hotels & Resorts (PK) Tops Q1 EPS by 48c, Beats on Revenues

Park Hotels & Resorts (NYSE: PK) reported Q1 EPS of $0.71, $0.48 better than the analyst estimate of $0.23. Revenue for the quarter came in at $668 million versus the consensus estimate of $638.21 million.

First Quarter 2018 Highlights

• Comparable RevPAR was $165.57, an increase of 1.1% from the same period in 2017; excluding the effect of renovations at several key hotels during the quarter, Comparable RevPAR increased 2.0% from the same period in 2017;
• Net income was $149 million and net income attributable to stockholders was $150 million;
• Adjusted EBITDA was $174 million, a decrease of 1.7% over the same period in 2017;
• Adjusted FFO attributable to stockholders was $137 million, a decrease of 0.7% over the same period in 2017;
• Diluted earnings per share was $0.71;
• Diluted Adjusted FFO per share was $0.65, an increase of 1.6% over the same period in 2017;
• Comparable Hotel Adjusted EBITDA margin was 26.9%, a decrease of 10 bps from the same period in 2017;
• Completed the sale of 12 hotels for total gross proceeds of $379 million and used most of the net proceeds to repurchase 14,000,000 shares of Park’s common stock at $24.85 per share; and
• Under contract to sell the Hilton Berlin (40% JV interest) at a price per key of over $610,000.

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

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