Home Inns & Hotels Management Falls 5.3% After Hours (HMIN)

Home Inns & Hotels Management Inc.

announced after the market closed on Wednesday that it beat consensus Wall Street estimates but the company's share price proceeded to fall during after hours trading. Home Inns & Hotels Management Inc reported that its 3rd quarter adjusted earnings came in at RMB 3.79 (US$0.57) per share, on revenue of RMB 879.5 million (US$131.5 million). According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 53 cents per share, on revenue of $124.03 million. Chief executive officer David Sun said, "Continuing with the second quarter momentum, we delivered another strong quarter. The overall economic growth and market conditions in China remain stable. This enabled performance enhancements in all Home Inns hotels. Our system-wide RevPAR increased both year over year and sequentially. Throughout the quarter, Shanghai World Expo provided event-driven premium to our hotels in Shanghai. We are particularly excited to see the average daily rates for hotels outside of Shanghai also increased both year over year and sequentially. This came as a result of our sound strategy in developing presence across China including lower tier markets with tremendous growth potential." Home Inns & Hotels Management Inc. (

) closed Wednesday trading at $45.95 per share, then fell 5.3% to $43.50 during after hours trading. Analysts covering the company's stock give it a consensus price target of $50.36per share. Read more