RHP Achieves Record Q2 Net Income

By Bobby Samwell • Thursday, August 01 08:05 • Permanent Link

Ryman Hospitality Properties, Inc. (NYSE: RHP) has reported its financial results for the second quarter of 2024. The company achieved several milestones and made significant progress over the previous period.

In the second quarter of 2024, the company generated a record net income of $104.7 million, representing a 49.3% increase from the same period in 2023. Net income available to common stockholders also saw a substantial rise of 51.5% to $100.8 million. The company reported consolidated revenue of $613.3 million, marking a 21.5% increase from the second quarter of 2023.

Operating income reached a new high, totaling $168.1 million, a significant 37.5% increase from the previous year. Adjusted EBITDARE also set a record at $233.2 million, representing a 33.5% increase from the second quarter of 2023.

The hospitality segment of the company reported robust performance, with hospitality revenue reaching $519.1 million, a 24.3% increase from the same period in 2023. The same-store hospitality revenue also demonstrated growth, reaching $456.2 million, a 9.2% increase from the second quarter of 2023.

The company's hospitality operating income stood at $151.9 million, representing a 41% increase from the second quarter of 2023. Likewise, hospitality adjusted EBITDARE reached $204.6 million, marking a 34% increase from the previous year.

The company's hotel properties also delivered strong results. Gaylord Opryland reported a revenue increase of 18%, reaching $130.4 million, while Gaylord Palms and Gaylord Texan reported revenues of $68.8 million and $83.9 million, respectively.

The company's outlook for the full year 2024 has been revised, with increased expectations for consolidated net income, operating income, adjusted EBITDARE, and adjusted funds from operations (AFFO), primarily driven by tennessee franchise tax savings and estimated cash interest expense savings from the Opry Entertainment Group (OEG) refinancing.

Today the company's shares have moved -2.3% to a price of $100.51. If you want to know more, read the company's complete 8-K report here.

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