Business travel will fully recover ‘by the end of the year,’ Hilton CFO says

Hilton Worldwide (HLT) is seeing tailwinds going into the summer as consumers spend more on leisure travel amid a waning pandemic.

“We think this summer is going to be— after setting records in our business for travel demand and revenue last summer, we think this summer is going to be another sort of all-time record,” Hilton Worldwide CFO Kevin Jacobs told Yahoo Finance Live.

“We feel really good about the growing demand for travel across all of our segments. It’s largely been throughout the pandemic a leisure-led recovery. And leisure demand remains quite strong,” said Jacobs.

The hotel chain executive estimates corporate travel is expected to bounce back to pre pandemic levels “by the end of the year.”

“That segment is growing,” said Jacobs. “We think largely, when it’s all said and done, our mix might be slightly higher leisure versus business, but it’ll look at an awful lot like what it looked like pre-pandemic.”

Hilton reported quarterly results on Tuesday which missed on revenue consensus estimates but beat adjusted earnings per share expectations. Hilton’s full year bottom line guidance came in below what the average Street expectation.

The company declared a $0.15 per share quarterly cash dividend and resumed stock buybacks in March.

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