Extended Stay America (STAY) Misses Q3 EPS by 5c

Extended Stay America (NYSE: STAY) reported Q3 EPS of $0.29, $0.05 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $338.6 million versus the consensus estimate of $344 million.

Revenue per available room (“RevPAR”) for the three months ended September 30, 2014 increased 8.2% over the comparable period in 2013, driven by an improvement in average daily rate (“ADR”) of 7.4% and an increase in occupancy to 79.3% as compared to 78.7% in the comparable period in 2013. ADR growth was driven primarily by a combination of price increases and a shift in customer mix toward shorter stay, higher profit generating guests. For the nine months ended September 30, 2014, RevPAR increased 7.6% over the comparable period in 2013, driven by an increase in ADR of 6.7% and an increase in occupancy to 76.1% from 75.5%.

Extended Stay America sees FY2014 revenue of $1.210-1.216 million, versus the consensus of $1.23 million.

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

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