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Shares of Hyatt Hotels fell as the company said a fourth-quarter business was hurt by the presidential election-and the high holy days.
Hyatt (H) On Thursday he reported his latest financial results, which became worse than expected Wall Street. The news sent its shares down almost 11% in early trading.
Part of the reason, the company said: Calling a group affected by the election – something other travel companies have identified in their own results – but also “the movement of the Jewish festivals.”
Rosh Hashanah and Yom Kippur happened in early October last year after falling in September, or a third quarter of 2023, who may have kept more Jewish travelers home to observe the holidays during the period.
“Group room revenue was always in the quarter and was up 5% in adjusting for the timing of the Jewish holidays in October and the US elections in November,” said CEO Mark Hoplamazian on the company's earnings call , According to a Hyatt spokesman, who was added, “We usually see lower group business during holidays.”
Hyatt reported modified Earnings per share (EPS) of $ 0.42 on revenue of $ 1.60 billion. Visible alpha polied analysts expected $ 0.71 and $ 1.65 billion, respectively.
Hyatt shares are up about 14% over the last 12 months.
Update – This article has been updated with an update on share prices and hyatt coverage.
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