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Hyatt Reports Third Quarter 2013 Results

Stocks in this article: H

Hyatt Hotels Corporation (NYSE: H) today reported third quarter 2013 financial results as follows:

  • Adjusted EBITDA was $159 million in the third quarter of 2013 compared to $154 million in the third quarter of 2012, an increase of 3.2%.
  • Adjusted for special items, net income attributable to Hyatt was $36 million, or $0.23 per share, during the third quarter of 2013 compared to net income attributable to Hyatt of $30 million, or $0.18 per share, during the third quarter of 2012.
  • Net income attributable to Hyatt was $55 million, or $0.35 per share, during the third quarter of 2013 compared to net income attributable to Hyatt of $23 million, or $0.14 per share, in the third quarter of 2012.
  • Comparable owned and leased hotel RevPAR increased 6.0% (5.8% excluding the effect of currency) in the third quarter of 2013 compared to the third quarter of 2012.
  • Comparable owned and leased hotel operating margins increased 20 basis points in the third quarter of 2013 compared to the third quarter of 2012. Owned and leased hotel operating margins decreased 70 basis points in the third quarter of 2013 compared to the third quarter of 2012.
  • Comparable systemwide RevPAR increased 4.3% (5.6% excluding the effect of currency) in the third quarter of 2013 compared to the third quarter of 2012.
  • Comparable U.S. full service hotel RevPAR increased 7.6% in the third quarter of 2013 compared to the third quarter of 2012. Comparable U.S. select service hotel RevPAR increased 4.5% in the third quarter of 2013 compared to the third quarter of 2012.
  • Eleven hotels were opened. As of September 30, 2013, the Company's executed contract base consisted of approximately 215 hotels or approximately 50,000 rooms.
  • The Company repurchased 702,502 shares of common stock at a weighted average price of $41.28 per share, for an aggregate purchase price of approximately $29 million.
  • On October 29, 2013, the Company's Board of Directors authorized the repurchase of up to an additional $200 million of common stock.

Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, "In the third quarter, positive demand trends in the U.S., among both transient and group guests, were accompanied by challenges in certain international markets, including China and India.

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