Extended Stay America: 1Q Earnings Snapshot
CHARLOTTE, N.C. (AP) _ Extended Stay America Inc. (STAY) on Wednesday reported first-quarter net income of $4.6 million.
On a per-share basis, the Charlotte, North Carolina-based company said it had profit of 3 cents. Earnings, adjusted for non-recurring costs, were 7 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.
The hotel operator posted revenue of $266.3 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $256.3 million.
Extended Stay America shares have decreased 33% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.90, a fall of 46% in the last 12 months.