Playa Hotels & Resorts (NASDAQ: PLYA) reported Q1 EPS of $0.02, $0.12 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $177.23 million versus the consensus estimate of $196.41 million.

Three Months Ended March 31, 2020 Results

• Net Loss was $22.6 million compared to Net Income of $43.0 million in 2019
• Adjusted Net Income was $1.5 million compared to $46.9 million in 2019
• Net Package RevPAR decreased 19.1% versus 2019 to $197.55, driven by a 1,350 basis point decrease in Occupancy, and a 2.7% decrease in Net Package ADR
• Comparable Net Package RevPAR decreased 18.6% versus 2019 to $212.61, driven by a 1,290 basis point decrease in Occupancy, and a 4.0% decrease in Net Package ADR
• Owned Resort EBITDA decreased 26.3% versus 2019 to $60.7 million
• Owned Resort EBITDA Margin decreased 8.2 percentage points versus 2019 to 35.6%
• Adjusted EBITDA decreased 32.7% versus 2019 to $50.3 million
• Adjusted EBITDA Margin decreased 10.2 percentage points versus 2019 to 29.4%

“Prior to the impact of the COVID-19 pandemic, Playa had an excellent start to 2020, with trends through the end of February up nicely across most of our footprint as Mexico and the Dominican Republic began to see steady improvement. While COVID-19 has caused unprecedented disruption to travel and tourism across the globe, I am fully confident that tourists will return to our destinations supported by our forward bookings. The pending sale of two resorts will enhance our liquidity profile and allow us to focus on matters within our control and our fundamental objective: to deliver unparalleled service from the heart while generating strong returns. To capture market share when the demand returns, we are working tirelessly with our brand partners to implement industry-leading safety protocols and carefully targeting our sales & marketing efforts to come out of this crisis in a stronger competitive position than before.

Finally, I would like to thank all of our associates for their unwavering vigilance and commitment to service excellence during this difficult period. I hope the worst is behind us and I believe we are uniquely positioned to play offense and deliver an even better guest experience!”

– Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts

For earnings history and earnings-related data on Playa Hotels & Resorts (PLYA) click here.