Hyatt Hotels tops 3Q profit forecasts

Hyatt Hotels Corp. on Tuesday reported third-quarter net income of $25 million.

The Chicago-based company said it had profit of 18 cents per share. Earnings, adjusted for asset impairment costs, came to 29 cents per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.

The hotel operator posted revenue of $1.05 billion in the period, meeting Street forecasts.

Hyatt Hotels shares have declined 16 percent since the beginning of the year. The stock has fallen 15 percent in the last 12 months.