DiamondRock Hospitality: 3Q Earnings Snapshot
BETHESDA, Md. (AP) _ DiamondRock Hospitality Co. (DRH) on Friday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $55.3 million, or 27 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 25 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $11.5 million, or 6 cents per share.
The hotel and resort real estate investment trust posted revenue of $240.3 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $234 million.
DiamondRock Hospitality expects full-year funds from operations in the range of $1.03 to $1.05 per share.
The company’s shares have increased 13% since the beginning of the year. The stock has fallen 3% in the last 12 months.