Park Hotels & Resorts Rises 4% On Upbeat Q1 Results, Outlook

(RTTNews) - Shares of Park Hotels & Resorts Inc. (PK) are rising more than 4% Monday morning after reporting better-than-expected first-quarter results. The company has also raised its full-year adjusted FFO per share outlook.

Park reported net profit of $33 million or $0.15 per share for the first quarter, compared with a loss of $57 million or $0.24 per share last year. It said that the results were driven by on-going improvements at its urban hotels and sustained strength in resort markets.

Excluding one-time items, FFO per share was $0.42, up from $0.08 a year ago.

Analysts on average polled by Thomson-Reuters were expecting earnings of $0.07 per share.

Revenue for the quarter increased to $648 million from $479 million in the previous year. The consensus estimate was for $616.76 million.

Comparable total RevPAR increased 40.2% to $260.85 from $186.11 last year.

The company has raised its full-year adjusted FFO per share outlook to the range of $1.76-$2.12 from $1.60-$1.99.

PK, currently at $12.55, has traded in the range of $10.70-$20.39 in the last 1 year.