STAMFORD, Connecticut — Starwood Hotels & Resorts Worldwide Inc. (HOT) on Thursday reported second-quarter earnings of $136 million.
On a per-share basis, the Stamford, Connecticut-based company said it had net income of 79 cents. Earnings, adjusted for non-recurring costs, were 84 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
The owner of Sheraton and St. Regis hotels posted revenue of $1.48 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $1.46 billion.
Starwood Hotels expects full-year earnings in the range of $2.93 to $3.03 per share.
Starwood Hotels shares have increased roughly 2 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 2 percent. The stock has climbed almost 5 percent in the last 12 months.
Keywords: Starwood Hotels, Earnings Report