“Starwood Hotels Profit Falls 15% | WSJ.com” plus 3 more

Starwood Hotels Profit Falls 15% | WSJ.com
Host Hotels 2nd-quarter key figure doubles
Glance: Starwood Hotels 2Q Earnings by the Numbers
Summary Box: Starwood Hotels & Resorts earnings

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Starwood Hotels Profit Falls 15% | WSJ.com

Posted: 22 Jul 2010 08:23 AM PDT

Starwood Hotels Profit Falls 15% | WSJ.com

Starwood Hotels & Resorts Worldwide Inc.'s earnings fell 15% on charges as the lodging company continued to see demand improve. Results beat analysts' expectations and Starwood boosted its 2010 forecast again, this time to earnings of 93 cents to $1.05 a share on revenue per available room growth of 7% to 9%. In April Starwood had raised its earnings forecast to 88 cents on revpar of 5% to 8%.

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Host Hotels 2nd-quarter key figure doubles

Posted: 21 Jul 2010 08:13 AM PDT

BETHESDA, Md. (AP) -- Host Hotels & Resorts Inc., a lodging real estate investment trust, said Wednesday a key figure more than doubled in the second quarter as more customers occupied rooms.

Funds from operations, or FFO, totaled $151 million, or 23 cents per share, compared to $68 million, or 12 cents per share last year. Analysts polled by Thomson Reuters, on average, predicted FFO of 22 cents per share.

FFO, which adds items such as amortization and depreciation back to net income, is considered a key measure of REIT strength.

Net income attributable to common shareholders totaled $13 million, or 2 cents per share, compared with a net loss of $70 million, or 12 cents per share last year.

Revenue rose 6 percent to $1.11 billion from $1.05 billion. Analysts expected revenue of $1.08 billion.

Revenue per available room, a key industry figure known as RevPAR, rose 8.1 percent. The increase was due to higher occupancy, which rose six percentage points. The average daily rate fell 0.7 percent.

For the year, Host Hotels expects funds from operations of 66 cents to 70 cents per share, while analysts predict FFO of 67 cents per share, and expects a loss of $152 million to $129 million on a RevPAR increase of 4 percent to 5.5 percent

Host Hotels & Resorts owns 109 properties worldwide, and partners with brands such as Marriott, Ritz-Carlton and Westin to operate hotels.

Shares fell 10 cents to $13.90 in morning trading.

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Glance: Starwood Hotels 2Q Earnings by the Numbers

Posted: 22 Jul 2010 09:59 AM PDT

NET INCOME: $114 million, down 15 percent from $134 million.

EARNINGS PER SHARE: 61 cents per share down from 74 cents per share. Excluding one-time items, earnings per share was 35 cents for the current quarter.

REVENUE: $1.29 billion, up from $1.17 billion.

EXPECTATIONS: Analysts expected earnings per share of 26 cents on revenue of $1.25 billion, according to Thomson Reuters. Analysts typically exclude one-time items in their estimates.

OCCUPANCY RATES: 68.8 percent in the quarter, up from 61.8 percent last year.

FORECASTS: Company expects adjusted earnings per share to be between 93 cents and $1.05 for the year and 15 cents per share to 19 cents per share for the third quarter.

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Summary Box: Starwood Hotels & Resorts earnings

Posted: 22 Jul 2010 09:51 AM PDT