Summit Hotel Properties (INN) Misses Q4 EPS by 9c, Revenues Miss
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Summit Hotel Properties (NYSE: INN) reported Q4 EPS of ($0.45), $0.09 worse than the analyst estimate of ($0.36). Revenue for the quarter came in at $48.23 million versus the consensus estimate of $52.92 million.
Fourth Quarter 2020 Summary
- Net (Loss) Income: Net loss attributable to common stockholders was $46.8 million, or ($0.45) per diluted share, compared with net income of $5.5 million, or $0.05 per diluted share, in the same period of 2019.
- Pro Forma RevPAR: Pro forma revenue per available room ("RevPAR") decreased 63.7 percent to $42.79 from the same period in 2019. Pro forma average daily rate ("ADR") decreased 35.4 percent to $100.27 compared to the same period in 2019, and pro forma occupancy decreased 43.8 percent to 42.7 percent.
- Same-Store RevPAR: Same-store RevPAR decreased 64.0 percent to $41.85 from the same period in 2019. Same-store ADR decreased 35.9 percent to $98.49 compared to the same period in 2019, and same-store occupancy decreased 43.9 percent to 42.5 percent.
- Pro Forma Hotel EBITDA: Pro forma hotel EBITDA was $2.4 million, a decrease of 94.8 percent from the same period in 2019. Pro forma hotel EBITDA margin contracted to 5.0 percent from 34.7 percent in the same period of 2019.
- Adjusted EBITDAre: Adjusted EBITDAre decreased to ($2.1) million from $40.9 million in the same period of 2019.
- Adjusted FFO: AFFO was ($15.1) million, or ($0.14) per diluted share, compared to $27.0 million, or $0.26 per diluted share, in the same period of 2019.
- Capital Improvements: The Company invested $3.4 million in capital improvements during the fourth quarter.
- Cash Burn & Liquidity Update: Average monthly cash burn run-rate for the fourth quarter was $6.8 million and current liquidity, including cash on hand, is approximately $400 million resulting in nearly 60 months of liquidity at current corporate cash burn levels.
"Hotel demand remained stable during the fourth quarter and combined with strong market share gains across our portfolio and the efficient operating model of our business, led to hotel-level profitability for the second consecutive quarter and positive Adjusted EBITDAre for the full year," said Jonathan P. Stanner, the Company's President and Chief Executive Officer. "While 2020 was an extremely challenging year for our business, we took meaningful action in response which has positioned the company well for the future, including the successful completion of a second amendment to our revolving and term loan credit facilities. The modification provides for key financial covenant waivers through March 31, 2022, full access to our $400 million revolver, significant acquisition capacity, and overall enhanced flexibility. Combined with our recent $287.5 million convertible notes offering, we have greatly enhanced our liquidity which uniquely positions us to opportunistically pursue a broad range of capital alternatives and growth opportunities as our business continues to recover," commented Mr. Stanner.
For earnings history and earnings-related data on Summit Hotel Properties (INN) click here.
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