Starwood Hotels & Resorts moves to 4Q profit
Thursday, February 3, 2011
WHITE PLAINS, N.Y. (AP) — Starwood Hotels & Resorts Worldwide Inc. is reporting a fourth-quarter profit, helped by IRS and lawsuit settlements and free of hefty charges that dragged down the prior-year period.
The hotel operator also anticipates 2011 earnings in range of Wall Street’s view.
Starwood earned $206 million, or $1.08 per share for the period ended Dec. 31. It lost $186 million, or $1.03 per share, a year earlier.
Quarterly results included a benefit of 56 cents per share tied to settlements. The year-ago period included a charge of $1.54 per share.
Adjusted earnings edged up to 52 cents per share from 51 cents per share.
Revenue rose 7 percent to $1.34 billion.
Analysts expected earnings of 39 cents per share on revenue of $1.35 billion.
Starwood anticipates 2011 earnings of about $1.55 to $1.65 per share. Wall Street anticipates $1.58 per share.