DiamondRock Hospitality Company (DRH), a lodging-focused real estate investment trust that owns a portfolio of 27 premium hotels in the United States, reported third-quarter income from continuing operations of $43.81 million, compared to $7.68 million, a year ago. Earnings per share from continuing operations was $0.22, compared to $0.04. Adjusted FFO per share was $0.25 for the quarter.
On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.23 for the quarter. Analysts' estimates typically exclude special items.
Total revenues increased to $229.22 million from $204.35 million, a year ago. Analysts expected revenue of $228.32 million for the quarter.
The company's Board declared a quarterly dividend of $0.1025 per share to stockholders of record as of September 30, 2014. The dividend was paid on October 10, 2014.
The company increased its full year 2014 guidance to incorporate its third quarter outperformance and the acquisition of the Inn at Key West. The company now expects full year 2014 adjusted FFO per share in the range of $0.87 to $0.89. Analysts expect the company to report 2014 earnings per share of $0.88.
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