Starwood Hotels & Resorts Worldwide Inc. (HOT) reported that its first-quarter of 2013 net income attributable to the company was $213 million or $1.09 per share up from $128 million or $0.65 per share in the first quarter of 2012.
The net income in the first quarter of 2013 included a tax benefit of $70 million, in discontinued operations, as a result of the reversal of a reserve associated with an uncertain tax position related to a previous disposition. The applicable statute of limitation for this tax position lapsed during the first quarter of 2013.
Income from continuing operations was $143 million in the first quarter of 2013, compared to $129 million in the first quarter of 2012. Earnings per share from continuing operations for the first quarter of 2013 of $0.73 compared to $0.65 in the first quarter of 2012.
Excluding special items, income from continuing operations was $148 million in the first quarter of 2013 compared to $124 million in the first quarter of 2012. Excluding special items, Earnings per share from continuing operations was $0.76 for the first quarter of 2013 compared to $0.63 in the first quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter declined to $1.54 billion from $1.71 billion in the prior year quarter. Twenty one analysts had consensus revenue estimate of $1.47 billion for the quarter.
Looking ahead for the second-quarter, the company anticipates earnings per share, including Bal Harbour to be approximately $0.70 to $0.73. Including Bal Harbour, income from continuing operations is expected to be approximately $136 million to $143 million. Analysts expect the company to report earnings of $0.72 per share for the second-quarter.
For fiscal 2013, the company now expects earnings per share before special items, including Bal Harbour, to be approximately $2.75 to $2.83, compared to prior estimate of $2.59 to $2.68 per share. Analysts expect the company to report earnings of $2.66 per share for fiscal 2013.
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