Ryman Hospitality Properties (NYSE: RHP) reported Q1 EPS of $0.57, $0.10 better than the analyst estimate of $0.47. Revenue for the quarter came in at $370.78 million versus the consensus estimate of $363.77 million.

First Quarter 2019 Results (as compared to First Quarter 2018):

• Same-Store RevPAR increased 5.4% and Same-Store Total RevPAR increased 6.4%
• Consolidated Net Income available to Common Shareholders Increased 7.6% to $29.4 Million
• Consolidated Adjusted EBITDAre Increased 40.5% to $114.9 Million
• Funds From Operations Available to Common Shareholders Increased 30.7% to $73.7 Million; Adjusted Funds From Operations Available to Common Shareholders Increased 27.7% to $77.8 Million
• Same-Store Gross Room Night Bookings of 334,179 Room Nights for All Future Years
• Gaylord Rockies Performed Above Expectations in its First Full Quarter of Operation
• Updates Full Year Guidance

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “Our businesses delivered a strong start to the year as we began to realize the benefits of the many development projects we completed in 2018. The newest Gaylord Hotels property, Gaylord Rockies, got off to a successful start in the first quarter of 2019, and we are excited for the potential of this property. The indoor portion of our SoundWaves water experience at Gaylord Opryland exceeded our expectations in its first quarter of operation, and as we head into the summer season, we look forward to the upcoming opening of the outdoor portion of this facility in mid-May. We are pleased to see the success of the expansion at Gaylord Texan, which contributed to growth in occupancy at that property. We are thrilled with the early contributions of these growth projects and remain enthusiastic about their role in maximizing the strong outlook we see for the group segment in the years ahead.

Given our record-setting fourth quarter 2018 bookings results of one million room nights (excluding Gaylord Rockies) and the tremendous number of room nights we had on the books for all future years at the end of fourth quarter 2018, we were not surprised by the year-over-year decline in first quarter 2019 group bookings. Based on the outlook for our group sales leads coupled with how groups are performing once they travel, we remain confident in the group segment for the foreseeable future.

Our Entertainment segment also delivered strong results in the first quarter of 2019, driven by solid performance from our core assets as well as our Ole Red properties. Our Ole Red footprint continued to expand in the first quarter with the opening of the newest location in Gatlinburg, Tennessee. This location is off to a great start, and work is underway on our next location, Ole Red Orlando, which is slated to open in 2020.”

GUIDANCE:

Ryman Hospitality Properties sees FY2019 EPS of $2.67-$2.86, versus the consensus of $2.83.

For earnings history and earnings-related data on Ryman Hospitality Properties (RHP) click here.