: Hilton’s stock rises as higher occupancy and rates leads to earnings beat, upbeat outlook

Shares of Hilton Worldwide Holdings Inc. HLT tacked on 0.6% toward a 14-month high in premarket trading Wednesday, after the hotel operator reported second-quarter profit and revenue that beat expectations, boosted by increases in occupancy and average daily rates. Net income rose to $411 million, or $1.55 a share, from $368 million, or $1.32 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.63 beat the FactSet consensus of $1.58. Total revenue grew 18.8% to $2.66 billion, above the FactSet consensus of $2.56 billion. Systemwide comparable revenue per available room rose 12.1%, as occupancy increased 4.2 percentage points to 74.6% and the ADR increased 5.9% to $163.47. For 2023, the company expects adjusted EPS of between $5.93 and $6.06, above the FactSet consensus of $5.92. Hilton’s stock has gained 6.9% over the past three months through Tuesday, while the S&P 500 HLT has advanced 12.6%.

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