Extended Stay America (STAY) Misses Q3 EPS by 2c, Revenues Beat, Comp. System-Wide RevPAR Down 1.3%

Extended Stay America (NASDAQ: STAY) reported Q3 EPS of $0.33, $0.02 worse than the analyst estimate of $0.35. Revenue for the quarter came in at $332.7 million versus the consensus estimate of $330.92 million.

Third Quarter 2019 Highlights

• Net Income of $53.2 million
• Total revenues of $332.7 million
• Comparable system-wide Revenue Per Available Room (“RevPAR”) declined 1.3%
• Adjusted EBITDA of $156.3 million
• Adjusted Funds from Operations (“Adjusted FFO”)1 of $0.54 per diluted Paired Share
• Adjusted Paired Share Income1 of $0.33 per diluted Paired Share
• $186 million in capital returns to shareholders for the first nine months of 2019

Extended Stay America’s President and Chief Executive Officer, Jonathan Halkyard, commented, “Our focus on core extended stay guests enabled us to outperform our competitive set yet again this quarter, a quarter which was characterized by slowing growth in the Economy and Mid-priced chain scales.”

Mr. Halkyard continued, “We have increased the pace of capital returns to shareholders in recent months and are on track to return more than 10% of our recent market capitalization to shareholders in 2019 through dividends and Paired Share repurchases. Capital returns remain a top priority for the Company with a strong balance sheet, a dividend yield in excess of 6% and more than $200 million remaining in repurchase authorization at the end of the third quarter.”

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

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