Hilton Worldwide Holdings Inc. said Friday that its first-quarter net income more than tripled as more people stayed at its hotels and resorts.
The McLean-based hotelier, which had its initial public offering in December, also posted earnings outlooks for the second quarter and full year that were ahead of what Wall Street had been expecting.
Its shares rose 43 cents, or 1.9 percent, to $23.07 in trading Friday. The shares are up more than 15 percent from their IPO price of $20.
Net income rose to $123 million, or 12 cents per share, in the three months ending March 31, compared with $34 million, or 3 cents per share, in the same quarter a year ago. Adjusted to remove one-time items, it earned 13 cents per share. Analysts had expected adjusted earnings of 9 cents per share, according to FactSet.
Revenue rose 4.4 percent, to $2.36 billion from $2.26 billion. Analysts had expected revenue of $2.37 billion.
For the second quarter, it expects adjusted earnings between 18 cents per share and 20 cents per share. Analysts were forecasting earnings of 17 cents per share. For the full year, it expects adjusted earnings between 64 cents per share and 67 cents per share. Analysts expected earnings of 60 cents per share.
The company said it plans to open 10,000 square feet of retail space at its Hilton New York hotel.
Besides its namesake hotels, Hilton also owns the Waldorf Astoria and Double Tree brands.