UPDATE: Starwood Posts 4.3% Rise In Q3 Net Profit, Lifts Full-Year Forecast
Starwood Hotels & Resorts Worldwide Inc (NYSE: HOT) reported a 4.3% rise in its third-quarter profit.
Starwood lifted its full-year adjusted earnings forecast to $2.55 to $2.57 per share, versus its earlier forecast of $2.49 to $2.56 per share. It also raised its annual dividend to $1.25 per share, from $0.50 per share.
Starwood's quarterly profit surged to $170 million, or $0.87 per share, from $163 million, or $0.84 per share, in the year-ago period. Excluding one-time items, Starwood's earnings from continuing operations came in at $0.58 per share. The company in July expected a profit between $0.50 and $0.54 per share.
Its revenue gained 6.1% to $1.46 billion, versus analysts' estimates of $1.48 billion.
Starwood shares closed at $53.43 yesterday.
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