MCLEAN, Va. (AP) -- Hilton Worldwide Holdings Inc.'s (HLT) second-quarter earnings rose 35 percent and topped Wall Street expectations.
The McLean, Virginia, hotelier said Friday it earned $209 million, or 21 cents per share, in the three months that ended June 30. That compares with earnings of $155 million, or 17 cents per share, in last year's quarter, before the company held its December initial public offering of stock.
Total revenue climbed 12 percent to $2.67 billion.
Analysts expected, on average, earnings of about 19 cents per share on $2.63 billion in revenue, according to Zacks Investment Research.
Hilton raised $2.35 billion last December in the largest hotel IPO ever, an offering that topped the $2.1 billion generated by Twitter's IPO the month before. Hilton was taken private in 2007 by the private equity firm Blackstone Group LP, and Blackstone still holds majority voting power in the company.
Shares of Hilton — whose other brands include Waldorf Astoria and Conrad Hotels & Resorts — have climbed more than 12 percent to $24.21 since the IPO.
- Private Equity & Hedge Funds