Chatham Lodging Trust (CLDT) Lowers Q3 Outlook
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Chatham Lodging Trust (NYSE: CLDT) announced preliminary room revenue per available room (“RevPAR”) results for the quarter ended September 30, 2016, and updated its outlook for net income, net income per diluted share, adjusted EBITDA and adjusted FFO per share.
|Previous Q3 2016||Current Q3 2016|
|Outlook as of 8/3/2016||Outlook as of 10/10/2016|
|Net income||$13.4-$14.9 M||$12.8-$13.3 M|
|Net income per diluted share||$0.35-$0.38||$0.33-$0.34|
|RevPAR Growth||-1.0 to +1.0%||-2.1||%|
|Adjusted EBITDA||$38.0-$39.5 M||$37.0-$37.5 M|
|Adjusted FFO per Share||$0.72-$0.75||$0.70-$0.71|
*** The FFO consensus is $0.74.
“We faced tough comparisons over a very strong 2015 third quarter when our occupancy reached an all-time high of 88 percent for our owned portfolio,” noted Jeffrey H. Fisher, Chatham’s president and chief executive officer. “Our RevPAR recently was adversely impacted more than expected due to lower GDP growth that is restraining business travel, as well as new supply and a significant drop in demand in our oil-industry influenced Houston and western Pennsylvania markets. We have six hotels in those markets and those hotels experienced a RevPAR decline of 21 percent. This performance negatively impacted our RevPAR by approximately 200 basis points. Our reduced guidance with respect to adjusted EBITDA and FFO per share is reflective of reduced RevPAR performance, increased wage pressures and rising guest acquisition costs primarily from online travel agency commissions.”
The company also announced that it will report third quarter 2016 financial results on Thursday, November 3, 2016, before the opening of the market. That same day at 10:00 a.m. ET, Jeffrey H. Fisher, Chatham’s chief executive officer, Dennis M. Craven, executive vice president and chief operating officer, and Jeremy Wegner, senior vice president and chief financial officer, will host a conference call to review third quarter 2016 financial results.
Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Chatham’s Web site, http://chathamlodgingtrust.com/, or www.streetevents.com, or may participate in the conference call by dialing 1-877-407-0789 and referencing Chatham Lodging Trust. A recording of the call will be available by telephone until 11:59 p.m. ET on Thursday, November 10, 2016, by dialing 1-844-512-2921, reference number 13647058. A replay of the conference call will be posted on Chatham’s website.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Southern Missouri Bancorp (SMBC) Reports Prelim Q1 EPS of 50c
- Sonic Corp (SONC) Tops Q4 EPS by 1c, Offers FY17 Outlook
- After-Hours Stock Movers 10/24: (SAEX) (CWEI) (RMBS) Higher; (SONC) (WNC) (EFII) Lower (more...)
Create E-mail Alert Related CategoriesGuidance
Related EntitiesEarnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!