Hersha matches estimates, Eastern Insurance down in Q2
A midstate hospitality company matched analysts' estimates, while second-quarter earnings for a midstate insurance company were down.
Hersha Hospitality Trust, which has offices in Harrisburg and Philadelphia, posted net income of $13.1 million, compared with $6.6 million for the comparable quarter of 2011, according to the real estate investment trust’s July 31 earnings report.
Adjusted net income for the second quarter was $26.7 million, or 14 cents per diluted share. That was up from $25.2 million and a matching 14 cents per diluted share in the second quarter of 2011.
Last month, the trust refinanced outstanding debt on its 263-room Courtyard Miami Beach Oceanfront as it constructs a 93-room oceanfront tower.
The company began construction on the all-suite oceanfront tower in May and anticipates completing the work in late 2013.
Meanwhile, Lancaster-based Eastern Insurance Holdings Inc. today reported net income of $1.3 million, or 17 cents per diluted share, compared with net income of $2 million, or 25 cents per diluted share in the second quarter of 2011.
Analysts expected the workers compensation specialist to post 20 cents per diluted share, according to Yahoo Finance.
The company’s net income included investment losses of 10 cents per diluted share compared with gains of 8 cents per diluted share for the same year-ago quarter.