Hyatt Hotels Corp. on Thursday reported earnings declined 34 percent in its second quarter but beat analysts’ expectations.
The Chicago-based company said net income declined to $74 million, or 48 cents per share, from $112 million, or 70 cents per share, in the same quarter a year earlier.
Earnings, adjusted for one-time gains and costs, came to 47 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The hotel operator said revenue climbed 6 percent to $1.16 billion from $1.09 billion in the same quarter a year ago, and missed Wall Street forecasts. Analysts expected $1.17 billion, according to Zacks.
Hyatt Hotels shares have risen $11.72, or 24 percent, to $61.18 since the beginning of the year. The stock has increased $15.93, or 35 percent, in the last 12 months.