Choice Hotels International, Inc. (CHH)
Choice Hotels International, Inc. (CHH) reported lower-than-expected second-quarter 2024 results. Adjusted earnings and revenues missed the Zacks Consensus Estimate. However, both metrics increased on a year-over-year basis.
The quarter's performance was backed by strong demand trends across the company's diversified portfolio of brands. This uptrend in demand aided in accelerating global hotel openings, expanding international market reach, and increasing the size of its rewards program. Moreover, CHH's versatile business model and accretive growth strategies ensure the support required to foster its growth trends.
Going forward, the company believes that it is well-positioned to deliver bottom-line growth as well as maintain shareholder value on the back of the aforementioned business strategies against the improving demand backdrop.
Planet Fitness, Inc. (PLNT)
Planet Fitness, Inc. (PLNT) reported stellar second-quarter 2024 results. Adjusted earnings and revenues beat the Zacks Consensus Estimate and increased year over year.
The quarter's performance was driven by contributions from new store openings, higher royalty revenues, and an asset-light growth model. The strength in the contributions from these factors was reflected in the year-over-year increase in system-wide same-store sales. PLNT aims to define its growth prospects by capitalizing on meaningful opportunities across the industry, globally. Also, its aim to deliver enhanced shareholder value bodes well.
Wynn Resorts, Limited (WYNN)
Wynn Resorts, Limited (WYNN) reported lower-than-expected second-quarter 2024 results. Adjusted earnings and revenues missed the Zacks Consensus Estimate. On the other hand, both metrics rose year over year.
The quarter's results reflect strong contributions from the Wynn Palace, Wynn Macau, and Las Vegas operations, partially offset by softer contributions from the Encore Boston Harbor operations. The company's continuous investments in expanding the business operations on a global scale along with ensuring shareholder value are commendable. This prudent attitude positions WYNN well for growth in 2024 and beyond.
Hyatt Hotels Corporation (H)
Hyatt Hotels Corporation (H) delivered second-quarter 2024 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same. The company's top line declined year over year.
The timing of Easter, renovations at major resort properties, and the lingering impact of the 2023 Maui wildfires affected the company's performance. As of June 30, 2024, Hyatt had a pipeline of executed management or franchise contracts of approximately 670 hotels (or about 130,000 rooms). Management anticipates 2024 system-wide RevPAR to rise 3-4% from the 2023 level, down from the prior estimated range of 3-5%.