Hyatt Hotels (NYSE:H) shares remained flat premarket Thursday after the company said it would delay the issuance of its fourth quarter and full year 2023 earnings release and investor call, which was due today.
Despite the delay, the company reported that Q4 comparable system-wide RevPAR increased 9.1%. For the full year, it rose 17%. In addition, comparable owned and leased hotels RevPAR increased 5.9% in the fourth quarter and 15.5% for the full year of 2023.
Net rooms growth was 5.9% for the full year of 2023, in line with the full-year outlook for 2023. Hyatt also declared a cash dividend of $0.15 per share for the first quarter of 2024.
Reacting to the report, analysts said it was "a pretty good start," but we will "have to wait for the rest."
"Hyatt's earnings release and call time are postponed pending further noncash accounting work on ALG, but management preannounced upside to some consensus results," said Jefferies. "In particular, there is upside to RevPAR growth, generally in-line NUG and capital returns lower than our forecast. Taken in total, we view the report and delay as a modest positive for the shares."