NEW YORK. – Hilton Worldwide Holdings beat Wall Street estimates for first-quarter revenue and raised its 2024 profit forecast on Wednesday, banking on rebounding international and group travel and its expanding hotel portfolio to boost results.
International travel demand is expected to continue to recover this year as global air connectivity increases and travelers flock to Middle Eastern and Latin American destinations for vacation, even as demand for domestic travel plateaus in North America.
The company forecast annual adjusted profit of between $6.89 and $7.03 per share, up from the previous range of $6.80 to $6.94 per share.
Its first-quarter revenue rose 12 percent to $2.57 billion, beating analysts’ expectations of $2.53 billion, according to LSEG data. Management and franchise fee revenues rose 14.4 percent year-over-year.
Hilton, which owns brands such as Waldorf Astoria Hotels & Resorts, reported a quarterly revenue per available room (RevPAR) – an important metric in the hospitality industry – of $104.16, lifted by higher occupancy and room rates.
