- Park Hotels & Resorts Inc (NYSE:PK) reported first-quarter FY21 sales growth of 190% year-on-year to $479 million, beating the consensus of $422.93 million.
- Pro-forma revenue per available room (RevPAR) increased 181.7% to $116.42 and decreased 32.8% from the same period in 2019.
- The operating expenses rose 66% Y/Y to $478 million.
- Park Hotels had a net debt of $4.2 billion as of March 31, 2022.
- Adjusted EBITDA increased 1.8% Q/Q to $82 million, while hotel adjusted EBITDA improved 4.2% on a pro-forma basis Q/Q to $89 million.
- EPS loss narrowed to $(0.24) from $(0.81) loss last year. Adjusted FFO per share was $0.08 versus $(0.48) a year-ago.
- Thomas J. Baltimore, Jr., Chairman and CEO, stated, "I am extremely pleased with Park's first quarter results, which came in well ahead of expectations due to encouraging demand growth across our portfolio from both leisure and business travel."
- Outlook: Park Hotels sees Q2 RevPAR of $160 - $164 and adjusted EBITDA of $160 million - $180 million.
- Price Action: PK shares are trading higher by 0.36% at $19.78 on the last check Monday.
