Summit Hotel Properties (NYSE:INN) Issues Earnings Results, Misses Estimates By $0.20 EPS

Summit Hotel Properties (NYSE:INN - Get Free Report) posted its quarterly earnings data on Wednesday. The real estate investment trust reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.20), Zacks reports. The company had revenue of $188.14 million during the quarter, compared to analysts' expectations of $181.40 million. Summit Hotel Properties had a negative return on equity of 0.83% and a negative net margin of 1.56%. During the same quarter last year, the company earned $0.22 earnings per share. Summit Hotel Properties updated its FY 2024 guidance to 0.900-1.000 EPS.

Summit Hotel Properties Stock Performance

Shares of NYSE:INN traded up $0.10 during midday trading on Thursday, hitting $6.18. The company had a trading volume of 775,703 shares, compared to its average volume of 750,729. Summit Hotel Properties has a 12-month low of $5.31 and a 12-month high of $7.26. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $664.37 million, a price-to-earnings ratio of -22.78 and a beta of 1.94. The company has a fifty day moving average of $6.37 and a two-hundred day moving average of $6.38.

Wall Street Analysts Forecast Growth

Separately, Wolfe Research started coverage on Summit Hotel Properties in a research note on Wednesday, January 10th. They issued a "peer perform" rating for the company.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of November 1, 2023, the Company's portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.