Skift Take
Starwood's gains are based on higher occupancy and room rates, and it's pinning its hopes on a global recovery.
Starwood Hotels & Resorts Worldwide Inc. (HOT) posted higher third-quarter net income attributable to the company of $170 million, or $0.87 per share, versus last year’s $163 million, or $0.84 per share. However, income from continuing operations decreased to $147 million, or $0.75 per share, from $165 million, or $0.85 per share in the prior-year quarter. Excluding special items, income from continuing operations totaled $114 million, or $0.58 per share, compared with last year’s $118 million, or $0.60 per share.
On average, 25 analysts polled by Thomson Reuters expected earnings per share of $0.53 for the quarter. Analysts’ estimates typically exclude one-time items. Total revenues reached $1.46 billion, up 6% from $1.37 billion in the comparable period. Analysts estimated revenues of $1.48 billion for the quarter. Looking forward to the fourth quarter, earnings per share are expected to be around $0.64 – $0.66, including Bal Harbour. Analysts project fourth-quarter earnings of $0.68 per share.
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