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Choice Hotels International Q3 Net Profit Down 12%
(RTTNews) - Choice Hotels International, Inc. (CHH) announced on Wednesday that net income for the third quarter declined to $103.08 million or $1.85 per share from $116.66 million or $2.08 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $1.56 per share, compared to $1.51 per share in the year.-ago quarter.
Total revenues for the quarter grew 28 percent to $414.27 million from $323.37 million in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.69 per share on revenues of $367.59 million for the quarter. Analysts' estimates typically exclude special items.
Total revenues, excluding reimbursable revenue from franchised and managed properties and an extraordinary one-time termination fee, increased 21% to $201 million. Domestic system-wide revenue per available room or RevPAR increased 15.2 percent from last year.
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