DiamondRock Hospitality (DRH) Misses Q1 EPS by 54c

DiamondRock Hospitality (NYSE: DRH) reported Q1 EPS of ($0.82), $0.54 worse than the analyst estimate of ($0.28).

• Comparable Revenues: Comparable total revenues decreased 57.1% from the comparable period of 2020.
• Comparable RevPAR: RevPAR decreased 54.4% from the comparable period of 2020.
• Hotel Adjusted EBITDA: Hotel Adjusted EBITDA was ($2.6) million, a 65.8% improvement from the fourth quarter of 2020.
• Adjusted EBITDA: Adjusted EBITDA was ($9.6) million, which represents a 35.6% increase from the fourth quarter of 2020.
• Adjusted FFO: Adjusted FFO was ($24.9) million and Adjusted FFO per diluted share was ($0.12).
• Debt Modification: In January 2021, the Company successfully secured additional amendments to the agreements for its $400 million revolving credit facility and its $400 million unsecured term loans to extend the waiver of financial covenants to December 2021 and extend the modification of certain financial covenants through March 2023.
• Liquidity: The Company ended the first quarter with $436.9 million total liquidity comprised of $99.8 million of unrestricted corporate cash, $37.1 million of unrestricted cash at its hotels and $300.0 million of capacity on the Company\'s revolving credit facility. In March 2021, the Company had its first cash flow positive month since the COVID-19 pandemic began in March 2020.
• Agreement to Sell The Lexington Hotel: The Company entered into an agreement to sell The Lexington Hotel New York for a contractual purchase price of $185.0 million. The sales price represents a 6.3% capitalization rate on the hotel\'s 2019 net operating income.

For earnings history and earnings-related data on DiamondRock Hospitality (DRH) click here.

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