S&P 500 (NYSE:SPY) component Starwood Hotel & Resorts Worldwide, Inc. (NYSE:HOT) reported a lower net income in first quarter. Starwood Hotels & Resorts Worldwide Inc. operates hotel and leisure business. Its brand names include St. Regis, The Luxury Collection, W, Westin and Le Mridien.
Starwood Hotel & Resorts Worldwide Earnings Cheat Sheet for the First Quarter
Results: Net income for Starwood Hotel & Resorts Worldwide, Inc. fell to $28 million (14 cents/share) vs. $30 million (16 cents/share) a year earlier. A decline of 6.7% from the year earlier quarter.
Revenue: Rose 9.1% to $1.29 billion YoY.
Actual vs. Wall St. Expectations: HOT reported net income of 30 cents per share. By this measure, the company beat the mean analyst estimate of 25 cents/share. Estimates ranged from 20 cents per share to 28 cents per share.
Quoting Management: Frits van Paasschen, CEO said, “We were able to exceed expectations despite turmoil in North Africa and the Middle East and the devastating earthquake in Japan. This is thanks to our laser-focus on growing faster than the market and flowing this outperformance down to the bottom-line. The outlook for the rest of the year looks promising as we view the events of the past few months as not having derailed the overall global economic recovery. For example, our group and transient bookings remain robust. As such, we remain cautiously confident for 2011 and are bullish about our long-term prospects.”
Competitors to Watch: Marriott Intl., Inc. (NYSE:MAR), Hyatt Hotels Corporation (NYSE:H), Wyndham Worldwide Corp. (NYSE:WYN), Choice Hotels Intl., Inc. (NYSE:CHH), Silverleaf Resorts, Inc. (NASDAQ:SVLF), ILX Resorts Incorporated (ILXRQ), Bluegreen Corporation (NYSE:BXG), Red Lion Hotels Corp. (NYSE:RLH), Gaylord Entertainment Co. (NYSE:GET), and InterContinental Hotels Group PLC (NYSE:IHG).
Today’s Performance: Shares of HOT are trading at $60.68 as of April 28, 2011 at 7:54 AM ET, unchanged from the previous close.