Shares of RLJ Lodging Trust (NYSE: RLJ) soared by 6.64% on Wednesday, November 7th, after the hotel real estate investment trust (REIT) reported better-than-expected earnings for the third quarter of 2024.
RLJ Lodging Trust reported adjusted earnings per share (EPS) of $0.09 for the quarter ended September 30, surpassing analysts' consensus estimates of break-even results. The company's revenue rose 3.4% year-over-year to $345.74 million, beating expectations of $343.14 million.
The upbeat financial performance, driven by revenue growth, fueled investor optimism and propelled the stock higher. Despite the recent surge, RLJ Lodging Trust's shares have lost 20.3% so far this year, underperforming the broader market.
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