UPDATE: Starwood Posts Rise In Q3 Core Earnings, Lifts Full-Year Outlook

Starwood Hotels & Resorts Worldwide

reported a gain in its third-quarter core earnings and lifted its full-year earnings forecast. Starwood now expects full-year adjusted earnings of $2.93 to $2.95 per share, versus its July outlook of $2.81 to $2.88 per share. For the current quarter, it expects earnings of $0.68 to $0.70 per share, versus analysts' estimates of $0.70 per share. Starwood's quarterly profit declined to $157 million, or $0.81 per share, from $170 million, or $0.87 per share, in the year-ago period. Excluding one-time items, its earnings from continuing operations climbed to $0.71 from $0.58 per share. The company in July had expected earnings of $0.60 to $0.64 per share. Its revenue rose 3.6% to $1.51 billion, beating analysts' estimates of $1.49 billion. Starwood shares closed at $70.45 yesterday.