Hilton Worldwide (NYSE:HLT) shares are trading higher in premarket Wednesday after the hotel chain operator raised its full-year profit forecast.

For Q1, Hilton reported an adjusted EPS of $1.24 on revenue of $2.29 billion. Analysts were expecting a profit per share of $1.13 on revenue of $2.21B.

Revenue per available room (RevPAR), a closely-watched performance measure used in the hospitality industry, came in at $103.72, up 28% year-over-year and above the $101.36 expected from analysts. The company also said that its Q1 system-wide comparable RevPAR was up 30% YoY and up 8% vs pre-pandemic 2019.

“We carried strong momentum into 2023, exceeding the high end of our guidance for system-wide RevPAR, driving strong bottom-line results and delivering meaningful free cash flow available for return to our shareholders. As a result of our strong performance and positive outlook, we are raising our Adjusted EBITDA guidance for the full year,” commented Christopher Nassetta, president & chief executive officer of Hilton.

For this quarter, Hilton sees adjusted EPS between $1.54 and $1.59 while system-wide comparable revPAR is seen resigning 10-12% YoY.

The company also raised its full-year EBITDA forecast to the range of $2.88B-$2.95B, above the $2.87B expected from analysts. The system-wide comparable revPAR is seen growing 8-11% YoY while the adjusted EPS is expected at $5.78, again above the $5.70 consensus.

Wells Fargo analysts expect to see Hilton shares outperforming on the back of a Q1 beat and 2023 guidance raise.