First Free Story (1 of 3)Join Skift Pro
Starwood’s first-quarter results beat Wall Street’s view, and the lodging company boosted its full-year earnings forecast.
The owner of Sheraton and St. Regis hotels — which is being purchased by Marriott in a deal worth more than $14 billion — earned $90 million, or 53 cents per share, for the three months ended March 31. The Stamford, Connecticut-based company earned $99 million, or 58 cents per share, a year earlier.
Earnings, adjusted for one-time gains and costs, were 70 cents per share. That easily beat the 58 cents per share that analysts surveyed by Zacks Investment Research were calling for.
Revenue totaled $1.4 billion in the period, topping the $1.35 billion that analysts polled by Zacks expected.
Occupancy rose to 67.2 percent from 66.4 percent for systemwide worldwide hotels.
For the second quarter, Starwood Hotels & Resorts Worldwide Inc. anticipates earnings of about 69 cents to 74 cents per share. It now predicts full-year earnings of approximately $3 to $3.06 per share. The chain’s prior outlook was for $2.74 to $2.84 per share. Analysts polled by FactSet expect second-quarter earnings of 73 cents per share and full-year earnings of $2.81 per share.
Elements of this story were generated by Automated Insights using data from Zacks Investment Research.
Copyright (2016) Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
This article was from The Associated Press and was legally licensed through the NewsCred publisher network.