Host Hotels & Resorts Reduces FY24 Diluted EPS From $1.00-$1.08 To $0.95-$1.03 Vs $1.11 Est.; NAREIT AFFO From $1.97-$2.05 To $1.90-$1.98 Per Diluted Share
Portfolio Pulse from Benzinga Newsdesk
Host Hotels & Resorts has reduced its FY24 diluted EPS guidance from $1.00-$1.08 to $0.95-$1.03, and NAREIT AFFO from $1.97-$2.05 to $1.90-$1.98 per diluted share. The reduction is due to slower recovery from Maui wildfires and moderating leisure transient demand. Operating profit margin is expected to be flat, while comparable hotel EBITDA margins are expected to decline. The impact from Maui operations is expected to result in a decline of $25 million in net income and Adjusted EBITDAre for the full year.
July 31, 2024 | 8:42 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Host Hotels & Resorts has reduced its FY24 diluted EPS guidance from $1.00-$1.08 to $0.95-$1.03, and NAREIT AFFO from $1.97-$2.05 to $1.90-$1.98 per diluted share. The reduction is due to slower recovery from Maui wildfires and moderating leisure transient demand. Operating profit margin is expected to be flat, while comparable hotel EBITDA margins are expected to decline. The impact from Maui operations is expected to result in a decline of $25 million in net income and Adjusted EBITDAre for the full year.
The reduction in FY24 EPS and NAREIT AFFO guidance is a negative indicator for Host Hotels & Resorts. The slower recovery from the Maui wildfires and moderating leisure transient demand are expected to impact the company's financial performance. This news is likely to result in a short-term decline in HST's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100