Hyatt Hotels Corporation reported a modest increase in total revenues for the third quarter of 2024, reaching $1,629 million, up from $1,622 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues rose to $5,046 million, compared to $5,007 million in the prior year. The company experienced a significant surge in net income, reporting $471 million for the third quarter, a substantial increase from $68 million in 2023. For the nine-month period, net income attributable to Hyatt was $1,352 million, compared to $194 million in the same timeframe last year.
Earnings per share also saw a notable rise, with basic earnings per share for the third quarter at $4.75, compared to $0.65 in 2023. Diluted earnings per share for the same period were $4.63, up from $0.63. For the nine months, basic earnings per share increased to $13.38 from $1.84, while diluted earnings per share rose to $13.04 from $1.80.
Hyatt's comprehensive income for the third quarter was $514 million, significantly higher than $50 million in the previous year. The nine-month comprehensive income also saw a substantial increase to $1,337 million from $212 million.
The company reported total assets of $11,865 million as of September 30, 2024, down from $12,833 million at the end of 2023. Current assets increased to $2,316 million, while total liabilities decreased to $8,165 million from $9,266 million. Retained earnings rose to $3,886 million, and total stockholders' equity increased to $3,697 million.
Hyatt's strategic developments included the acquisition of Standard International for $150 million, which closed on October 1, 2024, aimed at enhancing its lifestyle offerings. The company also completed the sale of several properties, including Hyatt Regency Orlando for $723 million, resulting in a pre-tax gain of $514 million. Other notable sales included Park Hyatt Zurich and Hyatt Regency San Antonio Riverwalk, contributing to significant pre-tax gains.
The company’s cash flow from operating activities for the nine months ended September 30, 2024, was $398 million, a decrease from $426 million in the previous year. Cash flows from investing activities were $983 million, compared to $(304) million in 2023, while financing activities resulted in a net outflow of $(1,184) million, up from $(466) million.
Hyatt's hotel portfolio as of September 30, 2024, included 1,363 hotels with a total of 326,845 rooms, reflecting a diverse global presence. The company continues to focus on enhancing its operational performance and expanding its market reach through strategic acquisitions and property sales.
About Hyatt Hotels Corp
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