Hilton’s Profits Double In Q3

BEVERLY HILLS, CA— Hilton Hotels Corp. reported its third-quarter profit more than doubled to $48 million due to cost reductions and increased market share. The hotel company’s third quarter profits, equating to about $0.13 per share, are up from $21 million, or $0.06, a year earlier. Excluding a one-time tax benefit and a charge for efforts to combat mold at a resort in Hawaii, Hiltons profit would have been $0.11 per share. Analysts polled by Thomson First Call had forecast earnings in a range of $0.09 to $0.11 per share, with the consensus a $0.10 profit. Revenue slid 1% to $934 million from $942 million a year earlier, although revenue at company-owned hotels rose 3% to $502 million, driven by high occupancy rates at city-center hotels. Comparable room revenue at company-owned hotels rose 1.2%. SOURCE: Reuters