Diamondrock Adj. FFO Beats View; Cuts FFO Guidance

(RTTNews) - Diamondrock Hospitality Co. (DRH) a lodging-focused real estate investment trust, Monday posted first-quarter net income of $4.03 million or $0.02 per share compared with a loss of $4.12 million or $0.02 per share last year. For the quarter, the company's adjusted FFO was $29.5 million or $0.15 per share. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.14 for the quarter. Analysts' estimates typically exclude one-time items. Revenues for the quarter rose to $190 million from $175.8 million in the prior-year period. Analysts estimated revenues of $188.99 million for the quarter. Looking ahead, the firm expects nearly 29 percent of full year adjusted EBITDA and adjusted FFO to be earned during the second quarter 2014 and sees full year adjusted FFO per share in the range of $0.83 to $0.87 versus the previous range of $0.86 to $0.90 .Analysts expect 2014 profit per share of $0.89.

Diamondrock Hospitality backed its Pro forma RevPar growth in a range of 9 to 11 percent. The company named Troy Furbay as executive vice president and chief investment officer. Further, the Company declared a quarterly dividend of $0.1025 per share, up 21 percent over the prior quarterly dividend.