UPDATE: Starwood Posts 66% Surge In Q1 Profit, Raises 2013 View

Starwood Hotels & Resorts Worldwide HOT reported a 66% rise in its first-quarter earnings. For 2013, Starwood lifted its earnings forecast to $2.75 to $2.83 per share, versus its earlier outlook of $2.59 to $2.68 per share. The company expects current-quarter earnings of $0.70 to $0.73 per share, versus analysts' estimates of 0.72 per share. Starwood's quarterly profit surged to $213 million, or $1.09 per share, from $128 million, or $0.65 per share, in the year-ago period. Excluding one-time items, it earned $0.76 per share. The company in February had expected earnings of $0.51 to $0.54 per share. Its revenue dropped 10% to $1.54 billion, versus estimates of $1.47 billion. Starwood shares closed at $62.46 yesterday.