UPDATE: Starwood Reports Drop In Q4 Profit, Issues Upbeat Forecast
Starwood Hotels & Resorts Worldwide Inc (NYSE: HOT) reported a drop in its fourth-quarter profit.
Starwood's quarterly profit fell to $167 million, or $0.85 per share, from $339 million, or $1.78 per share, in the year-ago period. Excluding one-time items, Starwood's earnings from continuing operations came in at $0.71 per share. Its sales surged 14% to $1.53 billion. However, analysts were expecting a profit of $0.57 per share on sales of $1.42 billion.
Starwood projects a Q1 profit of between $0.49 and $0.53 per share, versus analysts' estimates of $0.36 per share.
Starwood shares gained 1.49% to close at $55.05 yesterday.
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