Gaylord Entertainment Company (NYSE:GET) on Tuesday reported a profit for the second quarter, after earning a loss in the previous year ,when it absorbed expenses related to the damages caused by flood at its Nashville, Tenn., properties.
The company’s stock fell down by $3.02, or 10.2%, to $26.59 during the midday trading however the company’s shares traded in a range of $25.39 to $38.22 over the past few year.
The company proposes to revise its full-year forecasts for revenue on the basis of per available room which is an important metric for hotel operators, in order to cop up with the challenges.
The company has anticipated its adjusted revenue for the year 2011 on the basis of per available room for Gaylord Hotels to rise from 5.5% to 7.5%, comparatively less from the earlier projected data of 7.5% to 9.5%.
The company further expected an increase of 4% to 6% in its total adjusted revenue per available room in comparison to the previous forecasted increase of 6.5%to 8.5%.
The company now foresees a 17%to 19% revpar increase in comparison to the forecast of 13% to 15% growth. Gaylord Opryland’s total outlook increased to 15% to 17% from a range of 9% to 11%.
The company reported its net income at $8.6 million, or 17 cents per share, for the quarter ending on 30th June, in comparison to loss of $22.7 million, or 48 cents per share, earned during the previous year.
According to a FactSet poll the Analysts predicted the company’s earnings at 16 cents per share for the latest period.
The company further added that the loss earned in the previous year included a loss of $81.3 million related to casualty expenses, which was setoff against insurance proceeds of $50 million. Further all expenses related to the reopening of the Nashvilla property of $6.2 million were included in it.
Revenue of the company went up by 29 % to $236.8 million from $183.9 million however Wall Street expected the company’s revenue at $238.2 million.
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