Hersha Hospitality Trust (NYSE:HT) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Hersha Hospitality Trust Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 50% to $0.03 in the quarter versus EPS of $0.02 in the year-earlier quarter.
Revenue: Rose 19.15% to $76.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Hersha Hospitality Trust reported adjusted EPS income of $0.03 per share. By that measure, the company missed the mean analyst estimate of $0.03. It beat the average revenue estimate of $75 million.
Quoting Management: “As we discussed on our year-end call, our first quarter performance was tracking above our internal forecasts and that of our competitive set and we were pleased to see the momentum continue throughout the entire period. We took advantage of the typical seasonal weakness in our portfolio by completing the majority of our 2013 renovations. Despite ongoing renovations at 11 of our properties during the first quarter, our portfolio was still able to generate 12.4% Same Store RevPAR growth and we were pleased with the results from our aggressive asset management program and active revenue management strategies during the quarter,” commented Mr. Jay H. Shah, the Company’s Chief Executive Officer.
Key Stats (on next page)…