(RTTNews) - Choice Hotels International, Inc. (CHH) on Thursday reported net loss for the second quarter of $2.44 million or $0.04 per share, compared to net income of $74.39 million or $1.33 per share in the year-ago period.
Adjusted earnings were $0.13 per share, compared to $1.19 per share last year. Total revenues for the quarter fell 52 percent to $151.73 million from $317.68 million in the prior-year quarter.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share for the quarter on revenues of $169.69 million. Analysts' estimates typically exclude special items.
Total revenues for the quarter, excluding marketing and reservation system fees, declined 50 percent from last year to $72.1 million. Domestic system-wide revenue per available room or RevPAR decreased 49.6 percent compared to the year-ago period.
The company noted that as of July 31, 2020, nearly 100 percent of its 5,917 domestic hotels are operating.
Looking ahead, Choice Hotels said it is not providing formal guidance for fiscal 2020 at this time. In March, the company said it withdrew its previously issued outlook for the year due to the impact of COVID-19.
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