CHICAGO (AP) — Hyatt Hotels Corp.'s second-quarter net income rose 5 percent on strong growth in both the U.S. and abroad, and higher room rates and occupancy.
The Chicago company said Wednesday that it earned $39 million, or 24 cents per share, compared with $37 million, or 22 cents per share, a year ago.
Revenue rose 8 percent to $1.01 billion from $936 million in the second quarter of 2011.
Analysts polled by FactSet expected a profit of 22 cents per share on revenue of $1.04 billion.
Revenue per available room — a key metric for hotels that shows trends in rates — rose 8 percent overseas, adjusted for currency exchange. Hyatt said most of its hotels in China continued to show "solid" results in the spring quarter even with growth slowing there. And despite economic weakness in Europe, Hyatt said it saw growth in its hotels in big cities like Paris and London.
The measure grew 8 percent in the U.S. as well.
In the US, rates and occupancy both improved. But internationally, a slight decrease in daily rates was offset by an increase in rooms filled.
Hyatt said it's continuing to see improvement in travel trends for both individuals and groups. Hyatt currently has more contracts signed for new hotels than it ever has — 175.
It's on track to open 20 this year.
Also Wednesday, the company's board approved a repurchase of up to $200 million in common stock.