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Starwood Hotels & Resorts 4th-quarter profit drops on charges but tops Wall Street's view

By The Associated Press  | February 02, 2012
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People walk past the Westin New York hotel, Wednesday, Feb. 1, 2012 in New York. Starwood Hotels & Resorts Worldwide Inc. says its fourth-quarter net income dropped 51 percent on impairment charges and other items, but its performance beat analysts’ expectations. (AP Photo/Mark Lennihan)
People walk past the Westin New York hotel, Wednesday, Feb. 1, 2012 in New York. Starwood Hotels & Resorts Worldwide Inc. says its fourth-quarter net income dropped 51 percent on impairment charges and other items, but its performance beat analysts’ expectations. (AP Photo/Mark Lennihan)

STAMFORD, Conn. - Starwood Hotels & Resorts Worldwide Inc. says its fourth-quarter net income dropped 51 per cent on impairment charges and other items, but its adjusted results beat analysts' expectations.

The Stamford, Conn. lodging company reported Thursday that its net income fell to $167 million, or 85 cents per share, for the period ended Dec. 31. That's down from $339 million, or $1.78 per share, a year ago.

Excluding charges and other items, adjusted earnings from continuing operations was 71 cents per share.

Revenue increased 14 per cent to $1.53 billion.

Analysts forecast adjusted earnings of 57 cents per share on revenue of $1.42 billion.

Starwood anticipates first-quarter earnings of about 49 cents to 53 cents per share and full-year earnings of approximately $2.22 to $2.33, including Bal Harbour.

Analysts predict first-quarter earnings of 36 cents per share and full-year earnings of $2.24 per share.

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