UPDATE: Host Hotels Q4 Profit Down 12%

Host Hotels & Resorts

reported a 12% drop in its fourth-quarter profit. Host Hotels' quarterly profit fell to $15 million, from $17 million, in the year-ago period. Its per-share earnings came in at $0.02. Its revenue rose 6.9% to $1.75 billion. However, analysts were expecting a profit of $0.09 per share on revenue of $1.72 billion. Funds from operations surged to $0.40 s from $0.32 per share, versus estimates of $0.38 per share. Its comparable revenue per available room rose 5.8% y/y. Host Hotels projects full-year earnings of $0.29 to $0.36 per share, versus analysts' estimates of $0.33 per share. Host Hotels shares closed at $17.03 yesterday.