DiamondRock Hospitality Company Turns To Profit In Q3 - Quick Facts

(RTTNews) - DiamondRock Hospitality Company (DRH), a lodging-focused real estate investment trust, reported third-quarter income from continuing operations of $8.56 million or $0.04 per share, compared to a loss of $30.69 million or $0.16 per share, a year ago. Net income was $8.56 million or $0.04 per share, compared to a loss of $44.78 million or $0.24 per share, a year ago.

The company's adjusted FFO was $35.9 million and adjusted FFO per share was $0.18, for the quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.19 for the quarter. Analysts' estimates typically exclude special items. Total revenues rose to $210.64 million, from $183.87 million, a year ago. Analysts expected revenue of $212.23 million for the quarter.

The company's RevPAR was $141.03, an increase of 1.1% from 2012. Excluding the Lexington Hotel New York City, the company's RevPAR increased 4.8% from 2012. Comparable RevPAR increased 5.0%, as adjusted to a calendar quarter basis, excluding the Lexington Hotel New York City.

The company reaffirmed its full year 2013 guidance of adjusted EBITDA of $195 million to $205 million and adjusted FFO per share of $0.70 to $0.74. Analysts expect 2013 profit per share of $0.73.

The company's Board declared a quarterly dividend of $0.085 per share to stockholders of record as of September 30, 2013.