Starwood Hotels & Resorts loses money in 4th quarter; adjusted results top views
By APThursday, February 4, 2010
Starwood loses money in 4th quarter on charge
WHITE PLAINS, N.Y. — Starwood Hotels & Resorts Worldwide lost money in the fourth quarter mostly on a timeshare-related charge.
The hotel and leisure company also gave a cautious 2010 view, anticipating bookings will occur closer to travel dates this year.
Starwood lost $107 million, or 59 cents per share, for the quarter.
Removing the charge and other items, earnings from continuing operations were 51 cents per share which beat analysts’ 22 cents-per-share forecast.
Revenue dipped 2 percent to $1.28 billion, but topped Wall Street’s $1.17 billion.
Starwood predicts 2010 earnings of about 63 cents per share and first-quarter results between break-even to a loss of about 4 cents per share.
Analysts expects a bigger 2010 profit of 72 cents per share and flat first-quarter results.
