Gaylord Entertainment Co. (NYSE: GET), the parent company of the Gaylord National flagship hotel at National Harbor in Prince George’s County, reported overall improved performance in its consolidated financial results today.
Consolidated revenue jumped to $225.2 million in the third quarter ended September 30, 2011, a year-over-year increase of 42.3 percent from the $158.3 million reported in the same period last year. Revenue missed the average analyst estimate of $229.34 million; the high estimate was $239.01 million and the low estimate of $217.50 million.
The company reported an improved net loss of $1.7 million or $-0.03 cents per diluted share compared to a net loss of $31.8 million or $-0.67 cents per diluted share. The average analyst estimate was a net income of $0.05 cents with a low estimate of $-0.02 cents and a high estimate of $0.19 cents.
Gaylord National, the largest hotel in the D.C. area measured by number of rooms reported improved performance in average daily room rate (ADR) in the third quarter of 2011 but revenue declined 13.7 percent to $57.9 million versus $67.1 million in the same time last year. In 2010 Gaylord National benefited from transferred room nights from Gaylord Opryland which was under rehabilitation due to storm flooding.
Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment, said the decline at Gaylord National was due to uncertainty in the federal government budgets and a less profitable group mix but noted improved performance expected for 2012 with more profitable mix of bookings coming online.