NYSE$PK
Park Hotels & Resorts Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Park Hotels & Resorts Inc. reported third quarter results and announced a special dividend.
Park Hotels & Resorts Inc. announced third quarter results driven by RevPAR growth in urban markets and group business acceleration. Comparable RevPAR increased approximately 3% compared to Q3 2022, or nearly 5% excluding Casa Marina Key West. The company repurchased 5.8 million shares and reinvested over $70 million back into the portfolio. The company has exited its two Hilton San Francisco Hotels.
- Comparable RevPAR increased approximately 3% compared to the third quarter of 2022.
- Comparable group revenues for the third quarter of 2023 were up 12% year-over-year.
- The company repurchased 5.8 million shares of common stock.
- A special cash dividend of $0.77 per share was declared in connection with the effective exit from the Hilton San Francisco Hotels.
Headline financials
Revenue & EPS history
Park Hotels · Revenue · Quarterly
$679M
Revenue by segment
Park Hotels · $657M total across 3 segments · Q3 2023
- Rooms$432M+0.9%65.8%
- Food & Beverage$159M+7.4%24.2%
- Ancillary Hotel$66M-1.5%10.0%
Forward guidance
Park expects full-year 2023 operating results to be as follows:
Tailwinds
- Comparable RevPAR for the fourth quarter of 2023 is expected to be between $170 and $180.
- Comparable Hotel Adjusted EBITDA margin for the fourth quarter of 2023 is expected to be between 26.9% and 28.9%.
- Adjusted EBITDA includes Hotel Adjusted EBITDA for the two Hilton San Francisco Hotels of $3 million from January 2023 to October 2023, the period prior to the hotels being placed into receivership.
- Fully diluted weighted average shares for the full-year 2023 are expected to be 214 million, while fully diluted weighted average shares for the fourth quarter of 2023 are expected to be 210 million.
- Includes $15 million of Hotel Adjusted EBITDA disruption from a full-scale renovation at the Casa Marina Key West, Curio Collection, which is expected to be completed in the fourth quarter of 2023.
Headwinds
- Park is not providing a full year 2023 outlook for net income, net income attributable to stockholders, earnings per share, operating income and operating income margin
- Uncertainty surrounding macro-economic factors, such as inflation and increases in interest rates.
- Supply chain disruptions may impact the company's performance.
- Possibility of an economic recession or slowdown could adversely affect results.
- Comparable portfolio as of November 1, 2023 and does not take into account potential future acquisitions and dispositions, which could result in a material change to Park’s outlook.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-1.5%
Avg return
Earnings day
+0.1%
Avg return
5 days after
+1.8%
Avg return
30 days after
37%
15 / 41 earnings
Positive
+11.8%
Q3 2023
Best reaction
-16.4%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.6% | +0.3% | +7.1% | |
| Q4 2025 | -1.3% | -1.4% | -10.1% | |
| Q3 2025 | -4.8% | -6.0% | +0.8% | |
| Q1 2025 | -1.2% | +1.2% | -1.9% | |
| Q4 2024 | -0.5% | -5.7% | -14.7% | |
| Q3 2024 | +0.7% | -0.9% | +11.5% | |
| Q2 2024 | -2.5% | -9.8% | +1.0% | |
| Q1 2024 | -4.2% | -3.5% | -6.7% | |
| Q4 2023 | +6.0% | +9.4% | +9.8% | |
| Q3 2023 | +11.8% | +16.7% | +29.6% | |
| Q2 2023 | -5.3% | -1.8% | -5.2% | |
| Q1 2023 | +1.9% | +7.4% | +7.4% | |
| Q4 2022 | +3.3% | +3.9% | -16.6% | |
| Q3 2022 | -9.0% | -9.4% | -4.1% | |
| Q2 2022 | -1.0% | -0.5% | -8.3% | |
| Q1 2022 | -1.1% | -2.1% | -5.6% | |
| Q4 2021 | -4.1% | -7.2% | -5.8% | |
| Q3 2021 | +0.7% | +6.7% | -14.2% | |
| Q2 2021 | +7.7% | +6.9% | +7.2% | |
| Q1 2021 | +1.2% | -1.5% | -7.1% | |
| Q4 2020 | -3.1% | -7.1% | -2.6% | |
| Q3 2020 | -1.7% | +37.2% | +73.1% | |
| Q2 2020 | -3.7% | +13.6% | +22.1% | |
| Q1 2020 | -16.4% | -16.2% | +46.8% | |
| Q4 2019 | -9.0% | -9.3% | -57.7% | |
| Q3 2019 | -3.5% | -6.5% | +0.9% | |
| Q2 2019 | -5.0% | -9.5% | -12.3% | |
| Q1 2019 | -5.4% | -6.8% | -16.8% | |
| Q4 2018 | -0.4% | +1.3% | -0.9% | |
| Q3 2018 | +1.2% | +2.0% | +6.0% | |
| Q2 2018 | +4.2% | +3.7% | +6.9% | |
| Q1 2018 | +2.6% | +4.3% | +13.5% | |
| Q4 2017 | -6.0% | +0.6% | +4.0% | |
| Q4 2015 | -6.0% | +0.6% | +4.0% | |
| Q3 2016 | +0.7% | +0.8% | -0.8% | |
| Q3 2017 | +0.5% | +1.1% | -0.4% | |
| Q2 2016 | -0.7% | -1.4% | +1.0% | |
| Q2 2017 | -3.9% | -1.5% | -0.7% | |
| Q4 2016 | +0.2% | -1.8% | +4.4% | |
| Q1 2016 | +0.2% | -1.8% | +4.4% | |
| Q1 2017 | -0.6% | -3.4% | +4.1% | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro