Hubbard Radio Washington DC, LLC. All rights reserved. This website is not intended for users located within the European Economic Area.
TYSONS, Va. (AP) _ Park Hotels & Resorts Inc. (PK) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Tysons, Virginia-based real estate investment trust said it had funds from operations of $18 million, or 8 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for a funds from operations loss of 1 cent 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.
What role does identity play at the Department of Defense as they look to the future?
The company said it had a loss of $57 million, or 24 cents per share.
Park Hotels & Resorts, based in Tysons, Virginia, posted revenue of $479 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $416.7 million.
For the current quarter ending in July, Park Hotels & Resorts expects its per-share funds from operations to range from 40 cents to 49 cents.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PK at https://www.zacks.com/ap/PK
© 2022 . All rights reserved. This website is not intended for users located within the European Economic Area.