Hilton Worldwide recorded a higher profit and sales in the first quarter of the year and raised its adjusted earnings guidance for the rest of the year.
The hotel operator posted a profit of $265 million, or $1.04 a share, compared with $206 million, or 77 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $1.53 a share. Analysts polled by FactSet had been expecting $1.41 a share.
Quarterly revenue rose to $2.57 billion from $2.29 billion last year, clearing analyst projections for $2.51 billion, according to FactSet.
The strong results came despite renovations, inclement weather and unfavorable holiday shifts weighing on the company’s performance more heavily than anticipated, Chief Executive Christopher Nassetta said.
Hilton shifted its earnings outlook for the year, saying it now expects a smaller profit but higher adjusted earnings per share.
For 2024, the company is forecasting a profit of $1.59 billion to $1.62 billion, or $6.21 to $6.35 a share. It previously guided for $1.69 billion to $1.73 billion in profit, or $6.57 and $6.71 a share.
Adjusted earnings, however, are now projected to come in at $6.89 to $7.03 a share, up from its previous outlook for $6.80 to $6.94 a share.