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A boost of profit from properties recently rebranded under Quality Inn and Comfort Inn led to the strong third quarter and Choice plans to keep the momentum flowing with 435 hotels currently awaiting construction and rebranding by 2015.
Choice Hotels International, Inc., (CHH) reported net income for the third quarter of $44.4 million or $0.76 per share, compared to $42.3 million or $0.71 per share for the year-ago quarter. Total revenue for the third quarter rose to $210.41 million from $192.32 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.63 per share on revenue of $202.73 million for the third quarter. Looking forward, the company forecast fourth quarter earnings to be at least $0.40 per share. The company raised its full year 2012 earnings outlook to a range of $2.05 to $2.07 per share from its prior outlook of $1.91 to $1.94 per share. Analysts currently expect the company to earn $0.42 per share for the fourth quarter and $1.94 per share for the full year 2012.
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Tags: choice hotels, earnings