Park Hotels & Resorts: Q2 Earnings Snapshot
TYSONS, Va. (AP) _ Park Hotels & Resorts Inc. (PK) on Wednesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Tysons, Virginia, said it had funds from operations of $139 million, or 61 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 49 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $150 million, or 66 cents per share.
Park Hotels & Resorts, based in Tysons, Virginia, posted revenue of $695 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $661.2 million.
For the current quarter ending in October, Park Hotels & Resorts expects its per-share funds from operations to range from 34 cents to 43 cents.