La Quinta Holdings Inc. (LQ) on Wednesday reported first-quarter net income of $6.1 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Irving, Texas-based company said it had profit of 5 cents. Earnings, adjusted for non-recurring costs, were 8 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
The hotel chain posted revenue of $248.1 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $239.6 million.
La Quinta shares have increased roughly 10 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $24.18, a climb of 44 percent in the last 12 months.
