Hyatt Hotels profit rises 11 percent as it trims costs
Editors Note Updates throughout.
CHICAGO (AP) _ Hyatt's profit rose 11 percent in its most recent quarter as the hotel trimmed costs.
The Chicago company, which also runs the Andaz hotel brand, reported fourth-quarter net income of $41 million, or 31 cents per share, in the last three months of 2016. It had net income of $37 million, or 26 cents per share, in the same period the year before. Adjusted earnings came to 29 cents per share, beating the 24 cents per share analysts expected, according to Zacks Investment Research.
Revenue fell 2 percent to $1.09 billion in the period, missing Wall Street's forecast of $1.11 billion.
For the year, the company reported profit of $204 million, or $1. 2 per share. Revenue was reported as $4.43 billion.
Shares of Hyatt Hotels Corp. were unchanged before the stock market opened Thursday. The stock has risen about 39 percent in the last 12 months.
Keywords: Hyatt Hotels, Earnings Report
By The Associated Press, Copyright 2017