GreenTree Hospitality Group Ltd. (GHG) Tops Q4 EPS by 2c, Revenues Miss

GreenTree Hospitality Group Ltd. (NYSE: GHG) reported Q4 EPS of $0.17, $0.02 better than the analyst estimate of $0.15. Revenue for the quarter came in at $36.34 million versus the consensus estimate of $37.72 million.

• A total of 2,757 hotels with 221,529 hotel rooms were in operation as of December 31, 2018, compared to 2,558 hotels and 209,463 hotel rooms as of September 30, 2018, and compared to 2,289 hotels and 190,807 hotel rooms as of December 31, 2017.
• Total revenues increased 20.8% from the fourth quarter of 2017 to RMB249.9 million (US$36.3 million)[1] for the fourth quarter of 2018. Total revenues increased 21.4% year-over-year to RMB945.0 million (US$137.4 million)[1] for the full year 2018.
• Adjusted EBITDA (non-GAAP) increased 35.2% from the fourth quarter of 2017 to RMB160.1 million (US$23.3 million)[1] for the fourth quarter of 2018. Adjusted EBITDA (non-GAAP) increased 30.5% year-over-year to RMB609.7 million (US$88.7 million)[1] for the full year 2018.
• Net income was RMB53.8 million (US$7.8 million)[1] for the fourth quarter of 2018. Net income increased 38.1% from the same quarter of 2017 to RMB393.6 million (US$57.2 million)[1] for the full year 2018.
• Core net income (non-GAAP) increased 33.4% from the fourth quarter of 2017 to RMB115.9 million (US$16.9 million)[1] for the fourth quarter of 2018. Core net income (non-GAAP) increased 31.8% year-over-year to RMB445.3 million (US$64.8 million) [1] for the full year 2018.
• Basic and diluted net income per ADS were RMB0.53 (US$0.08)[1] for the fourth quarter of 2018. Basic and diluted net income per ADS were RMB3.97 (US$0.58)[1] for the full year 2018.
• Basic and diluted core net income per ADS (non-GAAP) were RMB1.14 (US$0.17)[1] for the fourth quarter of 2018. Basic and diluted core net income per ADS (non-GAAP) were RMB4.49 (US$0.65)[1] for the full year 2018.
• As of December 31, 2018, the Company had a strong pipeline with a total of 430 hotels contracted for or under development. For the fourth quarter of 2018, the Company opened 224 hotels of which all are F&M hotels, compared to 171 hotels of which all are F&M hotels for the fourth quarter of 2017. For the full year 2018, the Company opened 554 hotels, compared to 425 hotels for the full year 2017.
• As of December 31, 2018, the Company had approximately 29 million individual loyal members (of which approximately 21 million are paid members) and over 1,270,000 corporate members, compared to approximately 26 million individual loyal members (of which approximately 20 million are paid members) and over 1,020,000 corporate members respectively, as of September 30, 2018.
• For the fourth quarter of 2018, the Company sold approximately 94.5% of its room nights through its direct sales channels, including its individual loyal members and corporate members, while all other third parties reservation channels, contributed approximately 5.5%. For the full year 2018, the Company sold approximately 95.0% of its room nights through its direct sales channels.
• The Company provided guidance for growth in total revenue of 20%-25% from 2018.

For earnings history and earnings-related data on GreenTree Hospitality Group Ltd. (GHG) click here.

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