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Shares of Hyatt Hotels fell as the company said fourth-quarter business was hurt by the presidential election—and the High Holy Days.
Hyatt (H) on Thursday on Thursday reported its latest financial results, which came in worse than Wall Street expected. The news sent its shares down nearly 10% in early trading.
Part of the reason, the company said: group demand that was impacted by the election—something other travel companies have noted in their own results—but also “the shift of the Jewish holidays.”
Rosh Hashanah and Yom Kippur occurred in early October last year after falling in September, or the third quarter, of 2023, which could have kept more Jewish travelers home to observe the holidays during the period. Hyatt did not immediately respond to Investopedia’s request for further comment.
Hyatt reported Q4 adjusted earnings per share (EPS) of $0.42 on revenue of $1.60 billion. Analysts polled by Visible Alpha expected $0.71 and $1.65 billion, respectively.
Hyatt’s shares are up nearly 20% over the past 12 months.
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