IHG Gives a Strategy Update
Skift Take
IHG posted slightly better than expected results with the most publicized part of the release being their intention to give more $1 billion back to shareholders in 2024.
The DJIA inched down 0.2%. The S&P 500 retreated 0.6%. Nasdaq went 0.9% lower.
IHG posted slightly better than expected results with the most publicized part of the release being their intention to give more $1 billion back to shareholders in 2024. $800 million will be in planned share buybacks with the rest in dividends. IHG’s pretax profit was $1.01 billion, up from $540 million last year. The final dividend declared was 104 cents compared to 94.5 cents in 2022. IHG traded up to a new high on the news.
Choice Hotels adjusted EBITDA for 4Q beat estimates with their guidance just a bit above consensus. CHH said they remain committed to doing a deal with Wyndham. They said they remain encouraged by their progress on the regulatory front. Obviously, WH has a different opinion of the regulatory progress or lack of it. CHH repurchased $58.4 million worth of stock in 4Q and still has 1.8 mil
