Playa Hotels & Resorts reports Q3 adjusted EPS (6c), consensus (4c)

Reports Q3 revenue $204.3M, consensus $210.56M. CEO Bruce Wardinski said, “Our core portfolio delivered another strong underlying quarter, once again led by our resorts in Jamaica. While Jamaica had the highest rate of ADR growth and Occupancy in the third quarter, our resorts in Mexico were able to deliver foreign currency adjusted year-over-year Owned Resort Margin expansion despite a slight decline in revenues compared to last year…On the booking front, demand improved throughout the summer, building momentum as we approach the high season. With our MICE group segment pacing up significantly and momentum on the transient side, we are entering 2024 on solid footing. With one quarter left in the year and factoring in the recent changes in foreign currency exchange rates, we now expect full-year Adjusted EBITDA to be in the range of $260-265M, in line with our original expectation at the beginning of the year and inclusive of an approximate -$25M impact from foreign currency exchange rates. On the capital allocation front, we continue to believe our stock presents an attractive value given our strong fundamentals. During the third quarter, we repurchased over 10 million shares for $76.6M.”