Gaylord's loss soars in 3Q as occupancy falls

NASHVILLE, Tenn. - Hotel and entertainment company Gaylord Entertainment Co. said Wednesday its loss more than doubled in the third quarter as occupancy at facilities open more than a year fell, results that badly missed Wall Street forecasts.

Its shares shed $5.15, or 23 percent, to $16.78 in morning trading. Over the past year, the stock has ranged between $15.29 and $66.96.

Losses totaled $5.5 million, or 14 cents per share, compared with a loss of $2.2 million, or 5 cents per share, a year earlier. Excluding results from businesses that have been, or are in the process of being sold, its losses from continuing operations amounted to $6.5 million, or 16 cents per share.

Revenue grew 36 percent to $226.7 million.

Analysts polled by Thomson Reuters expected a loss of 5 cents per share on revenue of $240.3 million.

The company, which owns a chain of Gaylord Hotels and the Grand Ole Opry, said its revenue per available room open more than a year fell 3.1 percent as a decrease in occupancy offset a 1.4 percent increase in average daily room rates.

For the rest of the year, the company downgraded its expectations for revenue per available room to between flat and down 1 percent, below the growth of 1 to 3 percent it predicted earlier.

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