Choice Hotels Q4 Adj. Profit Rises; Total Revenues Up 27%

(RTTNews) - Choice Hotels International, Inc. (CHH) reported fourth quarter net income of $55.51 million or $1.04 per share compared to $64.08 million or $1.14 per share, last year. Adjusted net income, excluding certain items, was $67.2 million, a 20% increase compared to the same period of 2021. Adjusted EBITDA increased 18% to $112.5 million and included $11.5 million of adjusted EBITDA contribution from Radisson Hotels Americas. Adjusted EPS was $1.26, a 27% increase from the same period of 2021.

On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.05, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter total revenues increased 27% to $362 million, including a $64 million revenue contribution from Radisson Hotels Americas. Total revenues, excluding reimbursable revenue from franchised and managed properties, increased 33% to $186 million for fourth quarter 2022, and included a $40.6 million revenue contribution from Radisson Hotels Americas. Analysts on average had estimated $348.95 million in revenue.

RevPAR increased 20.4% for fourth quarter 2022, compared to the same period of 2019.

For full year 2023, Choice Hotels expects: net income to range between $245 million and $265 million; and adjusted EBITDA to range between $520 million and $540 million. Excluding the impact of Radisson Hotels Americas, adjusted EBITDA for full-year 2023 on a comparable basis is expected to grow by approximately 7% versus full-year 2022. Domestic RevPAR is expected to increase approximately 2%.

For the first quarter, the company expects: net income to range between $28 million and $32 million; and adjusted EBITDA to range between $100 million and $105 million.

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