Hyatt Hotels (NYSE:H) shares fell more than 9% after the global hotel chain reported disappointing earnings for the second quarter.
It reported adjusted earnings per share of $0.82, up from $0.46 in the year-ago quarter but below the Street expectation per Zacks Consensus Estimate of $0.83.
Its adjusted net income was $88 million, up from $51 million in the second quarter of 2022.
Revenue of $1.71 billion was above expectations of $1.68 billion and room growth was 6.9% over the year-ago quarter.
“For the fifth consecutive quarter we posted record results demonstrating our unique positioning and continued momentum,” commented Hyatt CEO Mark Hoplamazian in a statement.
“Our outlook remains optimistic, fueled by strong group booking activity during the quarter, resulting in 2024 group pace up 10%.”
Hyatt shares fell 9.3% to US$110.97 mid-morning on Thursday.
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