Starwood Hotels & Resorts 1Q net income drops
Thursday, April 28, 2011
WHITE PLAINS, N.Y. (AP) — Starwood Hotels & Resorts Worldwide Inc.’s first-quarter net income fell 7 percent, pinched by a charge related to a Japanese hotel investment.
The hotel operator also gave full-year and second-quarter earnings forecasts Thursday that are in line with analysts’ expectations.
Starwood, whose brands including Sheraton, Westin and others, earned $28 million, or 14 cents per share, for the period ended March 31. That’s down from $30 million, or 16 cents per share, a year earlier.
Removing a charge tied to a minority investment in a Tokyo hotel, adjusted earnings were 30 cents per share.
Analysts forecast earnings of 25 cents per share.
Revenue rose 9 percent to $1.3 billion from $1.19 billion, topping Wall Street’s $1.28 billion forecast.
Starwood is based in White Plains, N.Y.