La Quinta Holdings Q3 Pro Forma Profit Rises; Again Lifts 2014 Outlook

(RTTNews) - La Quinta Holdings Inc. (LQ) reported third-quarter pro forma net income to shareholders of $21.00 million or $0.16 per share, up from $17.81 million or $0.15 per share in the prior-year period.

Pro forma total adjusted EBITDA increased to $109.30 million from $96.24 million. System-wide comparable RevPAR increased 8.9 percent.

Based on historical statements of operations, adjusted net income for the quarter was $18.23 million, compared to $22.57 million in the same period last year.

On average, 10 analysts polled by Thomson Reuters expected the company to report earnings per share of $0.17 for the quarter. Analysts' estimates typically exclude special items.

Pro forma total revenue for the quarter grew 10 percent to $271.12 million from $246.49 million in the year-ago period. Analysts expected revenue of $264.24 million for the quarter.

Based upon current estimates, La Quinta Holdings once again increased its guidance for full year 2014.

The company now projects full-year RevPAR growth on a system-wide comparable hotel basis to a range of 7.0 percent to 7.5 percent from the prior range of 6.0 percent to 7.0 percent.

The company now forecasts full-year pro forma adjusted EBITDA of $370 million to $375 million, up from the prior range of $367 million to $372 million.