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Summit Hotel Properties (INN)
NYSE:INN
RESEARCH TOOLSreports
Holding INN?
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Earnings Data
Report Date
Mar 04, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.08Last Year’s EPS
-$0.16Same Quarter Last Year
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 04, 2024
|% Change Since: 11.78%
|Next Earnings Date:Mar 04, 2025
Earnings Call Sentiment|Neutral
The earnings call revealed a balanced perspective with notable achievements in adjusted FFO growth, successful asset dispositions, and strong performance in specific markets, while also facing challenges from weather disruptions and a weak San Francisco market. Expense management and liquidity were highlighted as strengths, but RevPAR growth was limited.Company Guidance
During the Summit Hotel Properties Q3 2024 earnings call, the management team provided a detailed guidance for the remainder of the year and into 2025. They reported a 0.2% increase in RevPAR for the same-store portfolio, driven by a 1.2% rise in average rate, although occupancy declined by 1%. Urban and suburban hotels saw a RevPAR increase of 1.3% and 3.9%, respectively, reflecting strong group demand and improving business transient trends. The team highlighted challenges in September due to hurricanes, which displaced approximately $400,000 of revenue and reduced RevPAR growth by 20 basis points. Despite these disruptions, preliminary October results showed a modest RevPAR increase of 2% year-over-year. The company also revised their full-year guidance, expecting RevPAR growth between 1% and 2%, and maintained the adjusted FFO midpoint at $0.95 per share. They emphasized continued strength in group demand, stabilization in expense growth, and a favorable expense outlook for 2025. Additionally, management discussed strategic asset sales, amounting to $150 million, which helped reduce the net debt-to-EBITDA ratio and enhanced their portfolio's growth profile.Adjusted FFO Growth
Third consecutive quarter of adjusted FFO growth, with a 4% increase to $27.6 million or $0.22 per share in the third quarter and a year-to-date increase of over 9%.
Successful Asset Dispositions
Sale of 10 hotels over the last 18 months, generating nearly $150 million in gross proceeds, reducing corporate leverage by approximately 1 turn.
Strong Performance in Key Markets
Hotels in San Jose, New Orleans, Louisville, Baltimore, and Minneapolis showed combined RevPAR and EBITDA growth in the third quarter of 8% and 12%, respectively.
Expense Management
Expenses increased approximately 3% year-over-year, with contract labor declining 13% and third quarter wages increasing a modest 2.2% versus prior year.
Liquidity and Balance Sheet Strength
Total liquidity of over $400 million, average interest rate of approximately 4.7%, and a leverage ratio nearly a full turn lower than a year ago.
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INN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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INN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 04, 2024 | $6.10 | $5.98 | -1.97% |
| Jul 29, 2024 | $6.01 | $6.18 | +2.83% |
| May 01, 2024 | $5.84 | $5.95 | +1.88% |
| Feb 28, 2024 | $6.34 | $6.18 | -2.52% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Summit Hotel Properties (INN) report earnings?
Summit Hotel Properties (INN) is schdueled to report earning on Mar 04, 2025, TBA Not Confirmed.
What is Summit Hotel Properties (INN) earnings time?
Summit Hotel Properties (INN) earnings time is at Mar 04, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is INN EPS forecast?
INN EPS forecast for the fiscal quarter 2024 (Q4) is -$0.08.
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