UPDATE: Ryman Hospitality Properties (RHP) Misses Q2 EPS by 10c, Beats on Revenues; Raises Full-Year Guidance Midpoint
Ryman Hospitality Properties (NYSE: RHP) reported Q2 EPS of $0.92, $0.10 worse than the analyst estimate of $1.02. Revenue for the quarter came in at $298.78 million versus the consensus estimate of $296.07 million.
- Consolidated Net Income of $47.3 Million
- Consolidated Adjusted EBITDA of $98.5 Million
- RevPAR Decrease of 0.7 Percent; Total RevPAR Increase of 0.3 Percent Compared to Second Quarter 2016
- Capital Projects Across Hospitality and Entertainment Segments Remain on Pace
- Raises Full-Year Guidance Midpoint
Guidance
The Company has narrowed its guidance range for 2017 RevPAR and Total RevPAR growth and raised the low end and top end of its 2017 consolidated guidance to reflect stronger levels of profitability, as well as increased visibility into expected performance in the second half of 2017. The Company does not expect to update the guidance before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.
Reed continued, “The pace of future bookings is progressing as planned, and first-half results were in line with our expectations. Group room nights on the books for 2017 are on track with the plan we had coming into the year, and we continue to believe 2017 will be another strong year for the Company. As we look to the second half of the year, we are now expecting fiscal year 2017 RevPAR growth in the range of 1% – 3% (from our prior guidance of 0% - 3%) and Total RevPAR growth in the range of 1% – 2% (from our prior guidance of 0% - 3%).
Our net income guidance range for the full year is $148.5 to $158.2 million (from our prior guidance of $139.8 to $157.6 million). The low end of our Adjusted EBITDA guidance range for the Hospitality segment was raised to reflect a range of $335.0 to $344.0 million (from our prior guidance of $330.0 to $344.0 million), which primarily reflects a lower-than-anticipated increase in property tax expense at Gaylord Opryland resulting from a decrease in rate.
Our 2017 Adjusted EBITDA guidance for the Entertainment segment is now $37.0 to $40.0 million (from our prior guidance of $34.0 to $38.0 million) and Corporate & Other guidance is now a loss of $24.0 to $23.0 million (from our prior guidance of $24.0 to $22.0 million). As a result of these changes, our guidance for 2017 Adjusted EBITDA on a consolidated basis is now $348.0 to $361.0 million (from our prior guidance of $340.0 to $360.0 million).
For earnings history and earnings-related data on Ryman Hospitality Properties (RHP) click here.