Hilton Beats Estimates
Photo Credit: Exterior of a Hilton in Kuala Lumpur, Malaysia. Adobe Stock / JCM
Skift Take
Hilton beat estimates and cut guidance, and seemed to have a report that was accepted more than Marriott’s. The company has raised their net room growth target for the year and it repurchased shares this quarter.
The DJIA fell 234 points, the Nasdaq was down 171, the S&P 500 was down 41 points, and the 10-year treasury yield was up .08 to 3.97%. So much for that one-day wonder attempt at a rally. Lodging stocks were lower. ABNB was the disaster of the day, down -13% to a new 52-week low. VCSA also traded down to a new low. SOND and SVC were down -12% and -7%, respectively, both getting down very close to a new 52-week low but not touching it.
Hilton beat estimates, cut the upper-end of its 2024 RevPAR guidance but seemed to have a report that was accepted more than Marriott’s. HLT raised their net room growth target for the year to 7% to 7.5%, up from 6% to 6.5%. HLT repurchased 3.5 million shares in the quarter for $724 million.
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Airbnb reported a 2Q beat, but they lowered their 3Q guide so much that the stock was taken out to the woodshed. ABNB noted slowing de
