Four Seasons Hotels Inc.
Four Seasons, a benchmark of the high end of the travel sector, said it earned C$7.6 million ($5.1 million), or 22 Canadian cents a share.
That was lower than earnings of C$9.3 million, or 27 Canadian cents a share, in the prior-year period — a quarter depressed by the impact of the attacks of Sept. 11, 2001, in the United States.
Fourteen analysts polled by Multex had forecast on average earnings per share of 15 Canadian cents a share.
Earnings per share were on the lower end of the company’s November forecast of between 22 Canadian cents and 24 Canadian cents. But the November forecast was sharply below August guidance of between 54 Canadian cents and 60 Canadian cents.
Chairman Isadore Sharp said Four Seasons experienced lower-than-normal demand during the quarter, particularly from business travelers. Leisure travelers showed some resilience but the segment has suffered since the Sept. 11 attacks.
Revenue at Four Seasons, which manages 57 luxury hotels in 26 countries, including Bali, Venezuela and the Middle East, was nearly flat at C$76.9 million during the quarter.
Four Seasons said it plans to open six new properties in 2003, from Riyadh, Saudi Arabia, to the Bahamas to the United States.
Shares of Four Seasons fell to their lowest level in more than four years last month after analysts downgraded the stock over concerns about war, wider losses and management disputes at some hotels.
Four Seasons shares, which have lost nearly half their value in the aftermath of the Sept. 11 attacks, closed at C$38.31 in Toronto on Wednesday, just above a four-year low of C$37.75.
Reuters
