Four Seasons Hotels Inc. shares jumped more than 17% Friday after the company reported double-digit gains in revenue per available room and beat forecasts on first-quarter earnings and sales.
Four Seasons (FS) ended the day up by $9.40, or 17.3%, to $63.90. The company said that room revenue jumped 11.7% worldwide during the quarter and 12.6% at its domestic core hotels.
Four Seasons said net income was $13.4 million, or 36 cents a share, for the period ended March 31, compared with $5.2 million, or 14 cents a share, for the same period a year ago. Sales for the Toronto-based luxury hotel chain were $57.6 million vs. last year's $63.1 million.
Excluding one-time charges, the company would have reported earnings of 38 cents a share. Analysts polled by Thomson First Call expected the company to earn 34 cents a share on sales of $54.4 million.
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Source - MarketWatch
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