RTTNews | May 4, 2021 05:55PM EDT

17:55 Tuesday, May 4, 2021 (RTTNews.com) - Hyatt Hotels Corp. (H) on Tuesday posted first-quarter net loss of $304 million or $2.99 per share, compared to net loss of $103 million or $1.02 per share in the same period last year. The net loss in 2021 included a $193 million non-cash full valuation allowance on U.S. deferred income tax assets.

Adjusted net loss was $363 million or $3.57 per share, compared to adjusted net loss of $35 million or $0.35 per share in the year-ago quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report net loss of $1.30 per share in the quarter. Analysts' estimates usually exclude one-time items.

Quarterly revenues dropped to $438 million from $993 million in the prior-year period, while analysts were looking for revenues of $468.8 million.

Looking ahead, the company expects adjusted selling, general, and administrative expenses to be around $240 million while capital expenditures are expected to be approximately $110 million.

Hyatt also expects to grow units, on a net rooms basis, by over 5 percent.

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