Shares of Gaylord Entertainment were up more than 9 percent Tuesday after the hotel and convention center operator said it should report stronger-than-expected first-quarter profits. But investors likely also were focused on what Gaylord boss Colin Reed said in addition to the numbers.
Reed said Gaylord expects to report higher profits even after factoring in $3 million in Q1 spending related to "the process of exploring opportunities for our company to unlock shareholder value." Reed said it's too early to announce specifics, but analysts and investors have in the past prodded him and his team about their stance on selling stakes in their large properties in Nashville, Orlando, Texas and near Washington, D.C. More recently, those questions have been centered on how such transactions might help fund Gaylord's planned convention center and resort outside Denver.
"Our efforts are ongoing and we will provide an update when appropriate," said Chairman and CEO Reed. "In the meantime, our goal is to deliver solid results like those achieved this past quarter."
Those Q1 numbers  are highlighted by year-over-year Gaylord Hotels cash flow growth of 24 percent and a jump of 4.9 percent in total revenue per available room. That helped produce earnings per diluted share from continuing operations of 12 cents, double what analysts have been expecting.
At about noon, shares of Gaylord (Ticker: GET ) were up 9.1 percent to $34.34, their highest level in a year. Volume was heavy, with more than double the average number of shares changing hands already.