Host Hotels & Resorts Q3 FFO Rises; Lifts FY Profit View

(RTTNews) - Host Hotels & Resorts Inc. (HST) reported that its third quarter funds from operations rose to $290 million or $0.41 per share from $275 million or $0.38 per share last year.

Net income attributable to the company was $111 million or $0.16 per share compared to $114 million or $0.16 per share in the prior year.

Total revenues for the third quarter grew to $1.21 billion from $1.19 billion in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share and revenues of $1.21 billion for the third quarter. Analysts' estimates typically exclude special items.

The company raised its fiscal year 2023 adjusted FFO per share outlook to $1.90 to $1.95 from the prior estimation of $1.82 to $1.89. Analysts expect annual earnings of $1.07 per share.

The company now expects annual net income to be in the range of $741 million to $781 million compared to the prior outlook of $700 million to $748 million.

The company maintained the midpoint of its previous full year comparable hotel RevPAR growth at 8% and tightened full year guidance range to 7.25% to 8.75%.

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