Shares of Sunstone Hotel Investors Inc (NYSE:SHO) ended Friday session in red amid volatile trading. The shares closed down -0.73 points or -5.59% at $12.33 with 2.83 million shares getting traded. Post opening the session at $12.89, the shares hit an intraday low of $12.33 and an intraday high of $12.91 and the price vacillated in this range throughout the day. The company has a market cap of $2.64 billion and the numbers of outstanding shares have been calculated to be 216.58 million shares.
Sunstone Hotel Investors Inc (SHO) on Aug. 8, 2016 announced results for the second quarter ended June 30, 2016.
Second Quarter 2016 Operational Results (as compared to Second Quarter 2015):
- Net income increased 22.5% to $65.7 million.
- Income attributable to common stockholders per diluted share increased 13.0% to $0.26.
- Comparable Hotel RevPAR increased 1.3% to $179.65.
- Comparable Hotel Adjusted EBITDA Margin, excluding prior year property taxes, net decreased 70 basis points to 34.2%. Excluding the impact related to the end of the ground lease abatement at the Hilton San Diego Bayfront, Comparable Hotel Adjusted EBITDA Margin, excluding prior year property taxes, net would have decreased by 20 basis points.
- Adjusted EBITDA decreased 8.4% to $101.1 million.
- Adjusted FFO attributable to common stockholders per diluted share decreased 9.3% to $0.39.
John Arabia, President and Chief Executive Officer, stated, “In a continuation of first quarter operating trends, RevPAR growth in the second quarter was subdued. Despite achieving a record-high 87.1% comparable hotel occupancy in the quarter, room rate growth remained elusive as premium corporate transient business declined and as operators backfilled rooms through discounted channels. That said, group trends generally remain healthy. During the second quarter, actual group attendance as a percentage of negotiated group room blocks materialized within a historic range, and our group revenues increased by 5.5%. More importantly, our Net Income, Adjusted EBITDA and Adjusted FFO per share notably exceeded the top end of our guidance due to property-level cost controls and lower corporate expenses.” Mr. Arabia continued, “We have adjusted our full year outlook assuming that the recent weakness in corporate transient room rates continues and, perhaps conservatively, that group attendance as a percentage of their group blocks falls below historic norm.”
Shares of Umpqua Holdings Corp (NASDAQ:UMPQ) ended Friday session in red amid volatile trading. The shares closed down -0.43 points or -2.68% at $15.64 with 2.77 million shares getting traded. Post opening the session at $16.03, the shares hit an intraday low of $15.64 and an intraday high of $16.24 and the price vacillated in this range throughout the day. The company has a market cap of $3.33 billion and the numbers of outstanding shares have been calculated to be 220.20 million shares.
Umpqua Holdings Corp (UMPQ) on July 21, 2016 reported net earnings available to common shareholders of $54.3 million for the second quarter of 2016, compared to $47.5 million for the first quarter of 2016 and $54.7 million for the second quarter of 2015. Earnings per diluted common share were $0.25 for the second quarter of 2016, compared to $0.22 for the first quarter of 2016 and $0.25 for the second quarter of 2015.
“Despite the continuing low interest rate environment, Umpqua’s financial performance for the second quarter was solid; highlighted by strong performance in the mortgage banking business and double-digit growth in loans and leases, combined with further reductions in the core expense base from ongoing efficiency initiatives,” said Ray Davis, president and CEO of Umpqua Holdings Corporation. “We recognize that ongoing margin pressure increases our need to become as efficient as possible, while not eroding the quality of the customer service experience the company provides. As we move into the second half of the year, our loan pipeline remains at record levels and further efficiency initiatives are in process. We will also continue to look for, and take advantage of, growth opportunities such as our FinPac and Pivotus subsidiaries.”