STAMFORD, Connecticut — Starwood Hotels & Resorts Worldwide Inc. (HOT) on Thursday reported profit that climbed by 12 percent in its second quarter, and topped analysts' expectations.
The Stamford, Connecticut-based company said net income increased to $153 million, or 80 cents per share, from $137 million, or 71 cents per share, in the same quarter a year earlier.
Earnings, adjusted for non-recurring gains and restructuring gains, came to 77 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.
The company said revenue decreased 1.5 percent to $1.54 billion from $1.56 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $1.55 billion, according to Zacks.
Starwood Hotels shares have increased $4.29, or 5.4 percent, to $83.74 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.5 percent. The stock has risen $20.42, or 32 percent, in the last 12 months.
Keywords:Starwood Hotels,Earnings Report