CHICAGO (AP) — Hyatt Hotels said Friday that its fourth-quarter net income doubled, bolstered by higher rates and improved occupancy.
Its adjusted earnings easily topped analysts' estimates. Its shares climbed almost 8 percent in morning trading Friday.
For the three months ended Dec. 31, the lodging company — whose properties include Park Hyatt and Hyatt Regency — earned $32 million, or 20 cents per share. That compares with $16 million, or 9 cents per share, a year earlier.
Excluding impairment charges and other items, earnings were 32 cents per share.
Analysts, on average, expected earnings of 20 cents per share, according to a FactSet survey.
Revenue climbed 9 percent to $1.09 billion from $1 billion, beating Wall Street's forecast of $1.07 billion.
Systemwide revenue per available room at hotels open at least a year increased 4.2 percent. At U.S. full service hotels, the figure rose 7 percent.
Revenue per available room, or revpar, is a key gauge of a hotel operator's performance.
At full service owned and leased hotels, the average daily rate climbed to $223.01 from $214.23. Occupancy increased to 72.5 percent from 70.7 percent.
Full-year net income rose to $207 million, or $1.30 per share, from $88 million, or 53 cents per share, in the previous year.
Annual revenue increased 6 percent to $4.18 billion from $3.95 billion.
Its shares rose $3.84, or 7.8 percent, to $53.23 in morning trading Friday. Its shares have risen 28 percent over the past year.