Park Hotels & Resorts Turns To Profit In Q1

(RTTNews) - Park Hotels & Resorts Inc. (PK) reported first-quarter net income to stockholders of $33 million compared to a loss of $57 million, prior year. Profit per share was $0.15 compared to a loss of $0.24. Adjusted FFO increased to $92 million from $18 million, last year. Adjusted FFO per share was $0.42 compared to $0.08.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.07, for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $648 million from $479 million, last year. Analysts on average had estimated $616.76 million in revenue.

RevPAR for the first quarter increased 81% compared to the first quarter of 2022, while RevPAR at resort hotels increased 13%.

For 2023, the company now expects adjusted FFO per share in a range of $1.76 to $2.12, an increase of $0.15 at midpoint from previous guidance. Earnings per share is estimated in a range of $0.47 to $0.82, an increase of $0.10 at midpoint from prior guidance. RevPAR growth is estimated in a range of 7% to 14%, unchanged from prior guidance.

The company expects second quarter RevPAR growth to be between 7% to 11% as compared to the second quarter of 2022.

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