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La Quinta Holdings Inc. (LQ) on Wednesday reported third-quarter profit of $17.1 million.
The Irving, Texas-based company said it had profit of 13 cents per share. Earnings, adjusted for severance costs and asset impairment costs, were 19 cents per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The hotel chain posted revenue of $279.1 million in the period, which topped Street forecasts. Four analysts surveyed by Zacks expected $278.1 million.
La Quinta shares have dropped 25 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.50, a fall of 18 percent in the last 12 months.
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