Starwood Hotels & Resorts Worldwide Earnings: Net Income Drops
Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 1.53%.
Starwood Hotels & Resorts Worldwide Inc. Earnings Cheat Sheet
Results: Net income decreased -61.08% to $65 million (70 cents per diluted share) in the quarter versus a net gain of $167 million in the year-earlier quarter.
Revenue: Rose 0.13% to $1.53 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Starwood Hotels & Resorts Worldwide Inc. reported adjusted net income of 70 cents per share. By that measure, the company beat the mean analyst estimate of $0.65. It beat the average revenue estimate of $1.49 billion.
Quoting Management: Frits van Paasschen, CEO, said, “We are happy to report strong results for the fourth quarter and full year 2012. All four key drivers of value performed well. We held our costs in check for the fourth year in a row, grew our footprint with quality hotels and contracts, sustained high REVPAR and occupancies in an uncertain environment, and we realized great value from real estate sales.”
Key Stats (on next page)…