Net income rises at Hilton Hotels
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Hilton Hotels Corp. reported strong earnings growth in the second quarter as it prepared to be acquired by the Blackstone Group.
The Beverly Hills-based worldwide hotel and resort company reported net income of $165 million, or 40 cents a share, up from $144 million, or 35 cents, in the same period last year.
Revenue rose to $2.085 billion from $2.005 billion a year earlier.
Excluding one-time items, earnings per share increased to 38 cents for the quarter, the company said. The results beat expectations from analysts, who had been looking for earnings of 33 cents a share and revenue of $2.07 billion, according to Thomson Financial.
Worldwide, Hilton’s revenue per available room, a key measure in the lodging industry, grew 8.9% because of rate increases and strong demand.
Hilton shares fell 32 cents to $44.21 on Tuesday.
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