Hyatt Hotels Corp. disclosed 2017 fourth-quarter net income attributable to the company of $76.0 million, or 62 cents per share, a rise of 85.4% in the aggregate from $41.0 million, or 31 cents per share, in the 2016 fourth quarter.
The hotel operator also initiated a quarterly cash dividend per share of 15 cents.
The company said net income in the fourth quarter included a $217 million gain from the sale of Avendra LLC, an equity method investment, and $110 million of incremental tax attributable to recent U.S. tax reform.
Adjusted net income attributable to the company for the fourth quarter decreased 25.6% on an annual basis to $29.0 million, or 23 cents per share, from $39.0 million, or 29 cents per share.
The hotel operator disclosed net income attributable to the company for the full year of $249.0 million.
The S&P Capital IQ consensus EPS estimate for the 2017 fourth quarter was 22 cents per share.
In reporting results, Hyatt said it expects net income for the full year 2018 in the range of $176.0 million to $215.0 million.
Comparable U.S. hotel and system-wide revenue per available room rose 3.0% and 3.8%, respectively, during the fourth quarter.
In 2017, Hyatt repurchased 12,186,308 common shares for $723 million, compared to 5,631,557 shares for $272 million a year earlier.