Extended Stay America Inc. (STAY) on Tuesday reported third-quarter net income of $37.7 million.
The Charlotte, North Carolina-based company said it had profit of 18 cents per share. Earnings, adjusted for non-recurring costs, came to 33 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The hotel operator posted revenue of $360.5 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $359.2 million.
Extended Stay America expects full-year revenue of $1.29 billion.
Extended Stay America shares have declined 4 percent since the beginning of the year. The stock has dropped 18 percent in the last 12 months.
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