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TheStreet Open House

Hyatt Reports First Quarter 2014 Results

Stock quotes in this article: H

Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first quarter 2014 financial results as follows:

  • Adjusted EBITDA was $172 million in the first quarter of 2014 compared to $131 million in the first quarter of 2013, an increase of 31.3%.
  • Adjusted for special items, net income attributable to Hyatt was $20 million, or $0.13 per share, during the first quarter of 2014 compared to net income attributable to Hyatt of $14 million, or $0.09 per share, during the first quarter of 2013.
  • Net income attributable to Hyatt was $56 million, or $0.36 per share, during the first quarter of 2014 compared to net income attributable to Hyatt of $8 million, or $0.05 per share, in the first quarter of 2013.
  • Comparable owned and leased hotel RevPAR increased 6.5% (6.3% excluding the effect of currency) in the first quarter of 2014 compared to the first quarter of 2013.
  • Comparable owned and leased hotel operating margins increased 120 basis points in the first quarter of 2014 compared to the first quarter of 2013. Owned and leased hotel operating margins increased 380 basis points in the first quarter of 2014 compared to the first quarter of 2013.
  • Comparable systemwide RevPAR increased 6.0% (7.7% excluding the effect of currency) in the first quarter of 2014 compared to the first quarter of 2013.
  • Comparable U.S. full service hotel RevPAR increased 8.4% in the first quarter of 2014 compared to the first quarter of 2013. Comparable U.S. select service hotel RevPAR increased 6.9% in the first quarter of 2014 compared to the first quarter of 2013.
  • Eight hotels were opened. As of March 31, 2014, the Company's executed contract base consisted of approximately 240 hotels or approximately 54,000 rooms.
  • The Company repurchased 1,172,645 shares of common stock at a weighted average price of $51.71 per share, for an aggregate purchase price of approximately $61 million.

Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, "In the first quarter, Hyatt's Adjusted EBITDA grew more than 30%, driven by continued robust demand and healthy rate growth among both transient and group guests as well as strong performance from recent acquisitions and openings. These results demonstrate the power of our differentiated business model and multiple earnings tools.

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