Host Hotels & Resorts Q2 Profit Down; Cuts FY Profit Outlook

(RTTNews) - Host Hotels & Resorts, Inc. (HST) reported that its second quarter net income attributable to the company declined to $210 million or $0.29 per share from last year's $256 million or $0.36 per share.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items. Adjusted funds from operations per share were $0.53 compared to $0.58 prior year.

Total revenues for the second quarter were $1.39 billion compared to $1.38 billion last year. Analysts expected revenue of $1.88 billion for the quarter.

The company lowered its fiscal year 2023 adjusted funds from operations per share outlook to a range of $1.82 to $1.89 from the prior outlook $1.84 to $1.95. Analysts expect annual earnings of $1.49 per share

The company also cut its fiscal year 2023 earnings per share outlook to a range $0.97 to $1.03 from the previous guidance of $0.98 to $1.09.

The company paid a second quarter common stock cash dividend of $0.15 per share, an increase of $0.03 or 25% over its first quarter dividend, on July 17, 2023 to stockholders of record on June 30, 2023.

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