NEW YORK (AP) -- Hilton swung to a fourth-quarter loss on higher costs and a tax expense, though it still topped Wall Street expectations.
The McLean, Virginia, company lost $387 million, or $1.17 per share, after reporting a profit in the same period a year earlier. Earnings, adjusted for non-recurring costs, came to 70 cents per share.
Revenue rose 2.2 percent to $2.92 billion as the hotelier saw slight increases in both occupancy rates and revenue per room. But, a hefty tax charge for restructuring prior to spinning off two units cut into any gains. In January, the company completed the spinoff of Park Hotels & Resorts and Hilton Grand Vacations.
The adjusted earnings results surpassed Wall Street expectations, with five analysts surveyed by Zacks Investment Research expecting 56 cents per share. Revenue met forecasts.
In January, the company enacted a 1-for-3 reverse stock split, reducing the number of shares outstanding.
For the year, Hilton Worldwide Holdings Inc. reported profit of $348 million, or $1.05 per share. Revenue was reported as $11.66 billion.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HLT at https://www.zacks.com/ap/HLT
Keywords: Hilton, Earnings Report