DiamondRock Hospitality Q2 Net Profit Up - Quick Facts

(RTTNews) - DiamondRock Hospitality Co. (DRH), a lodging-focused real estate investment trust, posted higher second-quarter net income of $15.07 million, or $0.08 a share, compared with last year's $8.94 billion, or $0.05 a share. Funds from operations or FFO totaled $42.27 million during the recent period, while quarterly adjusted FFO amounted to $43.2 million, or $0.22 per share. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.21 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues were $224.18 million, an increase compared with $180.95 million a year earlier. Analysts estimated revenues of $218.74 million for the quarter.

In addition, the company reaffirmed its full-year 2013 guidance, including post-renovation adjusted EBITDA of $195 million - $205 million and adjusted FFO per share of $0.70 - $0.74. Eleven analysts project the company to report $0.72 per share for 2013.

Further, the board has authorized a $100 million share repurchase program as well as declared a quarterly dividend of $0.085 per share to stockholders of record as of June 28, 2013, which was paid on July 11, 2013.