FORT LAUDERDALE Extended Stay America reported that first quarter earnings rose more than 50%, beating Wall Street estimates, but said that growth would most likely slow due to decreasing demand.
The company said net income rose to $17.2 million, or $0.17 per share, compared with $11.3 million, or $0.12 per share, a year earlier. Wall Street analysts had expected earnings of $0.13 per share, according to Thomson Financial/First Call.
Extended Stay said revenue increased 18% to $134.4 million from $113.9 million a year earlier. The company said it sees full-year earnings estimates of $0.82 to $0.87 per share still reachable. (4/24/01)
SOURCE: Reuters