UPDATE: Starwood Posts 12% Rise In Q2 Profit, Lifts 2013 Outlook

Starwood Hotels & Resorts Worldwide HOT reported a 12% rise in its second-quarter earnings and lifted its forecast for the year. Starwood now projects 2013 earnings of $2.81 to $2.88 per share, versus its earlier forecast of $2.75 to $2.83 per share. It also expects current-quarter earnings of $0.60 to $0.64 per share, versus analysts' estimates of $0.62 per share. Starwood's quarterly profit surged to $137 million, or $0.71 per share, from $122 million, or $0.62 per share, in the year-ago period. Excluding one-time items, its earnings from continuing operations rose to $0.79 from $0.70 per share. The company in April had expected earnings of $0.70 to $0.73 per share. Its revenue fell 3.5% to $1.56 billion. Starwood shares closed at $63.32 yesterday.