Canada markets close in 4 hours 39 minutes
  • S&P/TSX

    18,049.88
    -75.84 (-0.42%)
     
  • S&P 500

    3,740.47
    -28.00 (-0.74%)
     
  • DOW

    30,842.97
    -81.17 (-0.26%)
     
  • CAD/USD

    0.7885
    -0.0013 (-0.17%)
     
  • CRUDE OIL

    65.58
    +1.75 (+2.74%)
     
  • BTC-CAD

    60,427.24
    -2,240.71 (-3.58%)
     
  • CMC Crypto 200

    951.51
    +8.33 (+0.88%)
     
  • GOLD FUTURES

    1,694.40
    -6.30 (-0.37%)
     
  • RUSSELL 2000

    2,115.64
    -31.28 (-1.46%)
     
  • 10-Yr Bond

    1.5820
    +0.0320 (+2.06%)
     
  • NASDAQ

    12,444.49
    -278.98 (-2.19%)
     
  • VOLATILITY

    28.58
    +0.01 (+0.04%)
     
  • FTSE

    6,660.78
    +9.90 (+0.15%)
     
  • NIKKEI 225

    28,864.32
    -65.78 (-0.23%)
     
  • CAD/EUR

    0.6616
    +0.0024 (+0.36%)
     

Summit Hotel Properties: 4Q Earnings Snapshot

·1 min read

AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Tuesday reported a loss in funds from operations in its fourth quarter, after reporting a profit in the same period a year earlier. The results did not meet Wall Street expectations.

The real estate investment trust, based in Austin, Texas, said it had a funds from operations loss of $15.1 million, or 14 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for a funds from operations loss of 12 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had a loss of $46.8 million, or 45 cents per share.

The real estate investment trust specializing in higher end hotels posted revenue of $48.2 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $51.7 million.

For the year, the company reported funds from operations losses of $38.6 million, swinging to a loss in the period. Revenue was reported as $234.5 million.

The company's shares have risen 13% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $10.19, a decrease of 5% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on INN at https://www.zacks.com/ap/INN