DiamondRock Hospitality: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}BETHESDA, Md. (AP) _ DiamondRock Hospitality Co. (DRH) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $56.9 million, or 27 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 26 cents per share.
{{#rendered}} {{/rendered}}Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $31.4 million, or 15 cents per share.
The hotel and resort real estate investment trust posted revenue of $220.8 million in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $225.9 million.
{{#rendered}} {{/rendered}}DiamondRock Hospitality expects full-year funds from operations in the range of 99 cents to $1.01 per share.
The company's shares have dropped slightly more than 7 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $10.47, a fall of slightly more than 4 percent in the last 12 months.
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{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on DRH at https://www.zacks.com/ap/DRH