Summit Hotel Properties (INN) Tops Q2 EPS by 30c; offers outlook

Summit Hotel Properties (NYSE: INN) reported Q2 EPS of $0.23, $0.30 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $193.9 million versus the consensus estimate of $193.89 million.

OUTLOOK

The Company is revising its full year 2024 outlook to reflect a moderating RevPAR growth environment, particularly around peak summer travel periods as leisure trends continue to normalize. The revised Adjusted EBITDAre range incorporates a high-end that has been tightened and a slight decrease to the midpoint of the range as continued successful profitability initiatives and reduced expense growth have helped offset lower revenue growth expectations. The Adjusted FFO and Adjusted FFO per share ranges have been tightened with midpoints maintained.

Adjusted FFO per Diluted Unit of $0.91- $0.99

For earnings history and earnings-related data on Summit Hotel Properties (INN) click here.

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