Choice Hotels Raises 2024 Guidance - Update

(RTTNews) - (Adds Outlook)

Choice Hotels International, Inc. (CHH) increased midpoint of its guidance for net income, adjusted EBITDA, EPS, and adjusted EPS for full-year 2024. Adjusted EPS is now projected in a range of $6.70 - $6.87, revised from prior guidance range of $6.40 - $6.65. EPS is anticipated in a range of $5.74 - $5.91, updated from prior guidance range of $5.40 - $5.65. Domestic RevPAR is anticipated to decline in a range of 2% to 1%, compared to previous guidance range of a decline in the range of 3.5% to 1.5%.

Q3 Results:

Net income increased 15% to $105.7 million. Earnings per share was $2.22, a 23% increase compared to the same period of 2023. Adjusted EPS increased 23% to $2.23. Analysts on average had expected the company to earn $1.92 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total revenues were $428.0 million for third quarter 2024, a 1% increase compared to the same period of 2023. Total revenues excluding reimbursable revenue from franchised and managed properties, calculated as total revenues net of reimbursable revenue of $171.8 million, increased 17% to $256.1 million.

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