Chatham Lodging Trust (CLDT) Misses Q4 EPS by 4c, Revenues Beat; Offers Q1 & FY19 EPS/Revenue Guidance Below Consensus

Chatham Lodging Trust (NYSE: CLDT) reported Q4 EPS of ($0.01), $0.04 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $77.05 million versus the consensus estimate of $73.8 million.

“The lodging industry remained healthy in 2018, which was not reflected in the sell-off in lodging REIT stocks towards the end of 2018. Demand rose 2.5 percent while new supply remained in-check at 2.0 percent, enabling industry occupancy to reach an all-time high of 66.2 percent,” said Jeffrey H. Fisher, Chatham’s president and chief executive officer. “Our overall performance in 2018 was solid, especially because the company achieved a number of meaningful accomplishments:

“We had a knock-out fourth quarter across the board with a significant increase in RevPAR combining with higher operating margins to deliver adjusted EBITDA, AFFO and AFFO per share, well over our guidance range,” Fisher highlighted. “Our RevPAR outperformance was primarily driven by demand related to the gas explosions in the north Boston area in September that displaced many residents and propelled three of our hotels in the surrounding area to significantly outperform our expectations for the quarter. Excluding those three hotels, portfolio RevPAR growth was a healthy 1.5 percent. Even though we were the beneficiary of the one-time events in north Boston, our overall portfolio RevPAR growth also exceeded expectations.”

GUIDANCE:

Chatham Lodging Trust sees Q1 2019 EPS of ($0.02)-$0.01, versus the consensus of $0.08. Chatham Lodging Trust sees Q1 2019 revenue of $73.3-74.3 million, versus the consensus of $77.71 million.

Chatham Lodging Trust sees FY2019 EPS of $0.51-$0.61, versus the consensus of $0.74. Chatham Lodging Trust sees FY2019 revenue of $325.5-331.5 million, versus the consensus of $337.88 million.

For earnings history and earnings-related data on Chatham Lodging Trust (CLDT) click here.

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