Starwood Hotels & Resorts Worldwide Inc. (HOT) reported that its first-quarter net income attributable to Common Stockholders was $128 million and $0.65 per share, up from $28 million and $0.14 per share in the first quarter of 2011.
Excluding special items, earnings from continuing operations was $0.63 per share for the first quarter of 2012, including income from The St. Regis Bal Harbour Resort residential project, compared to $0.30 per share in the first quarter of 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter rose to $1.72 billion from $1.30 billion in the prior year quarter. Thirteen analysts had consensus revenue estimate of $1.54 billion for the quarter.
For the second-quarter, Including Bal Harbour, earnings per share is expected to be approximately $0.58 to $0.62. Analysts expect the company to report earnings of $0.60 per share for the second-quarter.
For the Full Year 2012, Including Bal Harbour, earnings per share before special items is expected to be approximately $2.35 to $2.46. Previously, the company had expected earnings per share to be about $2.22 to $2.33, inclusive of Bal Harbour. Analysts expect the company to report earnings of $2.31 per share for fiscal 2012.
by RTT Staff Writer
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