STAMFORD, Connecticut — Starwood Hotels & Resorts Worldwide Inc. (HOT) on Wednesday reported first-quarter net income of $99 million.
The Stamford, Connecticut-based company said it had profit of 58 cents per share. Earnings, adjusted for non-recurring costs, were 65 cents per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
The owner of Sheraton and St. Regis hotels posted revenue of $1.42 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $1.4 billion.
For the current quarter ending in June, Starwood Hotels expects its per-share earnings to range from 70 cents to 74 cents.
The company expects full-year earnings in the range of $2.94 to $3.04 per share.
Starwood Hotels shares have decreased slightly since the beginning of the year, while the Standard & Poor's 500 index has increased almost 3 percent. The stock has increased roughly 9 percent in the last 12 months.
Keywords: Starwood Hotels, Earnings Report