Extended Stay America (STAY) Misses Q2 EPS by 1c, Sales Beat

Extended Stay America (NYSE: STAY) reported Q2 EPS of $0.27, $0.01 worse than the analyst estimate of $0.28. Revenue for the quarter came in at $321.9 million versus the consensus estimate of $319.11 million. RevPAR grew 7.3% to $42.26. Adjusted EBITDA of $270.2 million increased $22.2 million, or 8.9%.

Extended Stay America’s Chief Executive Officer, Jim Donald commented, “We were pleased with our second quarter revenue growth of 9.6% with sequential monthly growth throughout the quarter. Hotels in the post-renovation phase performed well in the quarter and these hotels are producing growth consistent with the ramp-up pattern of our previously completed renovations. Additionally, we continue to make progress on our strategic initiatives to enhance our operations, drive brand awareness and optimize revenue yield. These efforts, coupled with the refinancing of our mezzanine debt and favorable industry trends, will further enhance our strong cash flow for our shareholders in 2014 and beyond.”

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

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