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Hilton Reports Strong First Quarter 2024 Results Amidst Strategic Expansions
MCLEAN, VA, April 24, 2024 – Hilton Worldwide Holdings Inc. (NYSE: HLT) has announced its financial results for the first quarter of 2024, highlighting a strong performance across multiple metrics, strategic acquisitions, and a solid pipeline for future growth.
Financial Highlights
- Earnings Per Share (EPS): Hilton reported a diluted EPS of $1.04 and an adjusted EPS of $1.53 after special items.
- Net Income: The company saw a robust increase in net income, reaching $268 million.
- Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization adjusted for special items rose to $750 million.
- Revenue Per Available Room (RevPAR): System-wide comparable RevPAR increased by 2.0 percent on a currency-neutral basis.
- Capital Return: Hilton returned $701 million to shareholders through dividends and share repurchases, totaling $908 million year to date.
Strategic Growth and Acquisitions
- New Developments: Hilton approved 29,800 new rooms for development, bringing the total to a record 472,300 rooms in the pipeline, a 10 percent increase year-over-year.
- Room Additions: The company added 16,800 rooms this quarter, resulting in a net addition of 14,200 rooms, marking a 5.6 percent net unit growth from the previous year.
- Acquisitions: Hilton announced the acquisition of the Graduate Hotels brand and acquired a controlling interest in the Sydell Group, marking its entry into the luxury lifestyle space with the NoMad brand.
Operational Highlights
- Hilton opened 106 hotels totaling 16,800 rooms during the quarter.
- Significant openings include the Conrad Orlando, the debut of LXR Hotels & Resorts in Hawaii, and the introduction of Waldorf Astoria and Canopy by Hilton in the Seychelles.
- The company celebrated the opening of its 3,000th Hampton by Hilton hotel globally.
Financial Issuances
- In March, Hilton issued $1.0 billion of senior notes to strengthen its balance sheet and support its growth strategy.
- The company continues to maintain strong liquidity with total cash and cash equivalents of $1,420 million as of March 31, 2024.
Executive Insight
Christopher J. Nassetta, President & CEO of Hilton, expressed satisfaction with the quarter's performance, attributing the success to the company's resilient business model and robust development activity. He noted, "We are pleased to report a strong first quarter with bottom-line results meaningfully exceeding our expectations, further demonstrating the power of our resilient, fee-based business model and strong development story."
Forward Outlook
For 2024, Hilton projects:
- System-wide comparable RevPAR growth between 2.0 percent and 4.0 percent.
- Full-year net income forecasted to be between $1,586 million and $1,621 million.
- Adjusted EBITDA is expected to range from $3,375 million to $3,425 million.
- The company anticipates returning approximately $3.0 billion to shareholders.
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