Summit Hotel Properties(US:INN) ZACKSยท2024-11-05 00:10Core Viewpoint - Summit Hotel Properties reported quarterly funds from operations (FFO) of $0.22 per share, exceeding the Zacks Consensus Estimate of $0.20 per share, and matching the FFO from the same quarter last year [1][2] Financial Performance - The quarterly FFO surprise was 10%, with the company previously expected to post $0.26 per share but actually producing $0.29, resulting in an 11.54% surprise [2] - Revenues for the quarter ended September 2024 were $176.81 million, surpassing the Zacks Consensus Estimate by 0.32%, but down from $181.82 million year-over-year [3] - Over the last four quarters, the company has consistently exceeded consensus FFO and revenue estimates [2][3] Stock Performance and Outlook - Summit Hotel Properties shares have declined approximately 9.1% year-to-date, contrasting with the S&P 500's gain of 20.1% [4] - The company's future stock performance will largely depend on management's commentary during the earnings call and the outlook for FFO [4][5] - Current consensus FFO estimate for the upcoming quarter is $0.20 on revenues of $172.74 million, and for the current fiscal year, it is $0.94 on revenues of $731.03 million [8] Industry Context - The REIT and Equity Trust - Other industry, to which Summit Hotel Properties belongs, is currently ranked in the top 27% of over 250 Zacks industries, indicating a favorable industry outlook [9] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which can impact investor sentiment [6]