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Extended Stay America Inc. (STAY) on Tuesday reported third-quarter net income of $46.6 million.
On a per-share basis, the Charlotte, North Carolina-based company said it had profit of 23 cents. Earnings, adjusted for non-recurring costs, came to 36 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The hotel operator posted revenue of $354.5 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $352.4 million.
Extended Stay America expects full-year revenue in the range of $1.26 billion to $1.27 billion.
Extended Stay America shares have declined 17 percent since the beginning of the year. The stock has dropped 28 percent in the last 12 months.
This article was from The Associated Press and was legally licensed through the NewsCred publisher network.