Sunstone Hotel Investors (SHO) Q3 FY2023 earnings: revenue $248 million, up 1.4% on the year

Sunstone Hotel Investors, Inc. (SHO) reported revenue of $248 million for Q3 FY2023, the quarter ended 30 September 2023, up 1.4% on the same quarter a year earlier. Net income was $12 million, down 28.0% on the year, and diluted earnings per share $0.06. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$248 millionup 1.4%

Net income$12 milliondown 28.0%

Diluted EPS$0.06

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	248	n/a	n/a	n/a
Operating income	26.8	n/a	n/a	n/a
Operating margin	10.8%	n/a	n/a
Interest expense	11.9	n/a	n/a	n/a
Pre-tax income	16.2	n/a	n/a	n/a
Income tax	0.6	n/a	n/a	n/a
Effective tax rate	3.7%	n/a	n/a
Net income	12.3	n/a	n/a	n/a
Net margin	4.9%	n/a	n/a
Diluted EPS	$0.06	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	61.8	n/a	n/a	n/a
Capital expenditure	24.7	n/a	n/a	n/a
Free cash flow	37.0	n/a	n/a	n/a
Free cash flow margin	14.9%	n/a	n/a
Cash from investing	-11.0	n/a	n/a	n/a
Cash from financing	-29.3	n/a	n/a	n/a
Depreciation and amortisation	33.2	n/a	n/a	n/a
Share-based compensation	2.5	n/a	n/a	n/a
Buybacks	14.0	n/a	n/a	n/a
Dividends paid	14.7	n/a	n/a	n/a
Dividend per share	$0.07	n/a	n/a	n/a
Diluted shares, weighted	206m	n/a	n/a	n/a
Shares outstanding at period end	206m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,088	n/a	n/a	n/a
Debt	820	n/a	n/a	n/a
Other liabilities	182	n/a	n/a	n/a
Total liabilities and equity	3,089	n/a	n/a	n/a
Fixed assets	3.3	n/a	n/a	n/a
Cash and equivalents	114	n/a	n/a	n/a
Other assets	2,972	n/a	n/a	n/a
Total assets	3,089	n/a	n/a	n/a

Questions

What was Sunstone Hotel Investors' revenue in Q3 FY2023?

Sunstone Hotel Investors (SHO) reported revenue of $248 million for Q3 FY2023, the quarter ended 30 September 2023, up 1.4% on the same quarter a year earlier.

How much did Sunstone Hotel Investors earn in Q3 FY2023?

Net income for Q3 FY2023 was $12 million, down 28.0% on the year, and diluted earnings per share $0.06.

When did Sunstone Hotel Investors report Q3 FY2023 results?

Sunstone Hotel Investors filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 7 November 2023.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	248	219	217	247	226	215	234	260	229	237	260	277
Operating income	26.8	18.6	17.3	35.5	16.4	9.4	16.5	30.4	11.9	16.9	28.4	34.2
Operating margin	11%	8%	8%	14%	7%	4%	7%	12%	5%	7%	11%	12%
Interest expense	11.9	16.8	11.0	12.7	16.0	10.4	12.7	13.2	13.4	13.7	11.3	11.8
Pre-tax income	16.2	130	12.2	26.4	2.8	0.8	5.4	10.8	1.5	7.2	18.7	26.2
Tax rate	4%	2%	-7%	1%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	12.3	123	9.3	22.4	-0.7	-3.1	1.3	6.8	-3.0	3.2	15.9	25.9
Net margin	5%	56%	4%	9%	-0%	-1%	1%	3%	-1%	1%	6%	9%
Diluted EPS	$0.06	$0.60	$0.05	$0.11	$0.00	-$0.02	$0.01	$0.03	-$0.02	$0.02	$0.08	$0.14
Operating cash flow	61.8	29.4	38.5	54.8	46.6	30.5	32.0	58.7	54.4	36.6	45.4	62.0
Capital expenditure	24.7	36.2	27.7	41.0	41.6	47.1	28.2	27.9	17.7	29.4	31.0	22.4
Free cash flow	37.0	-6.8	10.8	13.8	5.1	-16.6	3.8	30.9	36.7	7.3	14.4	39.6
Buybacks	14.0	20.9	n/a	n/a	22.7	n/a	8.0	90.5	2.3	1.9	29.1	11.4
Dividends paid	14.7	17.6	29.8	17.4	22.5	21.3	23.1	21.2	21.8	20.3	22.7	19.9
Shares outstanding	206m	203m	204m	203m	201m	201m	200m	190m	190m	190m	187m	186m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0001558370-23-017934: the filing on EDGAR. All of Sunstone Hotel Investors, Inc.'s filings: EDGAR company page.

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