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Profit zooms 78 percent amid summer travel surge

Monday, Oct. 25, 2004 | 9:19 a.m.

BEVERLY HILLS, Calif. -- Hilton Hotels Corp. today posted a 79 percent jump in third-quarter profit, as strong summer travel demand and higher room rates helped the company's bottom line.

Beverly Hills-based Hilton said it earned $61 million, or 16 cents a share, for the quarter, compared with $34 million, or 9 cents a share, a year ago.

The latest results included $10 million in earnings, before taxes, from a joint venture that developed a 251-unit condominium project in Myrtle Beach, S.C. The project closed on the sale of all units in the third quarter.

Analysts had on average expected earnings of 13 cents a share, excluding items, according to Thomson First Call.

Revenue for the latest quarter rose 9 percent to $1.03 billion from $952 million a year ago.

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