SoTHERLY Hotels (SOHO) Reports Q3 Loss of $0.23, Revenues Beat; Lowers FY18 EPS Outlook, Raises FY18 Revenue Guidance

SoTHERLY Hotels (NASDAQ: SOHO) reported Q3 EPS of ($0.23), versus $0.00 reported last year. Revenue for the quarter came in at $41.42 million versus the consensus estimate of $39.4 million.

Andrew M. Sims, Chairman and Chief Executive Officer of Sotherly Hotels Inc., commented, “We had a difficult quarter, with most of the negative results being attributable to natural events. A tropical storm in South Florida during the busy Labor Day weekend, followed by a series of “red tide” warnings along the greater Miami/Fort Lauderdale beaches, and road construction along the A1A caused our South Florida hotels to suffer significant demand loss in the quarter. Hurricane Florence, a highly destructive and long-lasting hurricane, severely impacted the Carolinas. Travel throughout the southeast region was disrupted from early September through the end of the month. While our hotels survived the storm mostly intact and were continuously operating, the resulting demand loss had a significant negative effect on the Company’s profitability.”

GUIDANCE:

SoTHERLY Hotels sees FY2018 EPS of ($0.52)-($0.50), versus the consensus of $0.00. SoTHERLY Hotels sees FY2018 revenue of $175.7-179.1 million, versus the consensus of $173.7 million.

For earnings history and earnings-related data on SoTHERLY Hotels (SOHO) click here.

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