Strategic Hotels & Resorts, Inc. (BEE) reported a first-quarter net loss attributable to shareholders of $31.5 million or $0.17 per share, narrower than the net loss of $35.4 million or $0.23 per share last year.
On average, 9 analysts polled by Thomson Reuters expected earnings of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.
Comparable funds from operations, or FFO, for the quarter was $3.1 million or $0.02 per share compared to a loss of $3.8 million or $0.02 per share a year ago.
Revenues for the quarter rose to $178.3 million from $175.5 million a year ago. Analysts expected revenues of $177.48 million for the quarter.
For the second quarter 2012, the company declared quarterly dividends of $0.53125 per share of 8.5 percent Series A Cumulative Redeemable Preferred Stock, $0.51563 per share of 8.25 percent Series B Cumulative Redeemable Preferred Stock and $0.51563 per share of 8.25 percent Series C Cumulative Redeemable Preferred Stock, payable on June 29 to shareholders of record as of June 15.
Looking ahead, Strategic Hotels & Resorts said that it expects a net loss attributable to shareholders in the range of $79.3 million-$64.3 million for the full year 2012. The company adjusted its guidance for comparable FFO in the range of $44.0 million-$59.0 million or $0.21-$0.29 per share for the full year 2012.
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