Summit Hotel Properties Q3 FFO Beats Estimates - Quick Facts

(RTTNews) - Summit Hotel Properties (INN) Monday reported a 44 percent increase in its adjusted funds from operations or FFO to $25.7 million or $0.30 per unit from $17.84 million or $0.25 per unit a year ago. The adjusted FFO beat analysts' estimates.

The company posted net income attributable to common stockholders of $4.1 million or $0.05 per share, compared with a net loss of $4.8 million or $0.07 per share last year.

On average, 9 analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenues increased to $109.25 million from $82.17 million last year. Analysts expected revenues of $102.63 million.

Looking ahead, for the fourth quarter, the company expects adjusted FFO per unit in the range of $0.16 - $0.18. Analysts are looking for earnings per share of $0.18.

For fiscal 2014, the firm forecasts adjusted FFO per unit in a range of $0.93 - $0.95, while analysts estimates earnings to be $0.91.