DiamondRock Hospitality: 2Q Earnings Snapshot
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BETHESDA, Md. (AP) _ DiamondRock Hospitality Co. (DRH) on Thursday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $65.6 million, or 32 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 32 cents per share.
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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 net income of $28 million, or 14 cents per share.
The hotel and resort real estate investment trust posted revenue of $237.9 million in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $239.4 million.
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DiamondRock Hospitality expects full-year funds from operations in the range of 99 cents to $1.03 per share.
The company's shares have risen almost 9 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $12.29, a climb of 6 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on DRH at https://www.zacks.com/ap/DRH