Extended Stay America (STAY) Misses Q1 EPS by 1c

Extended Stay America (NYSE: STAY) reported Q1 EPS of $0.11, $0.01 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $270.3 million versus the consensus estimate of $267.88 million.

Revenue per available room (“RevPAR”) for the three months ended March 31, 2014 increased 4.9% over the comparable period in 2013, driven by an improvement in average daily rate (“ADR”) of 5.7% which was slightly offset by a decrease in occupancy to 70.0% as compared to 70.6% in the comparable period in 2013. RevPAR results for the quarter were impacted approximately 150 to 200 basis points due to displacement from the recent hotel renovation phase. ADR growth was driven primarily by a combination of price increases and a shift in customer mix toward higher profit generating guests. Occupancy was primarily affected by renovation displacement.

For earnings history and earnings-related data on Extended Stay America (STAY) click here.

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