Hotel operator Starwood Hotels & Resorts Worldwide, Inc ( HOT
The White Plains, NY-based company reported second quarter net income of $114 million, or 61 cents per share, compared with $134 million, or 74 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 35 cents per share.
On average, Wall Street analysts expected a smaller profit of 26 cents per share.
Meanwhile, revenue rose 10% from last year to $1.29 billion, while revenue per available room (RevPAR) rose 13.1%.
Looking ahead, the company raised its full-year profit forecast to a range of 93 cents and $1.05 per share, which compares to analysts' expectations for 95 cents per share for the year.
Starwood Hotels shares rose $1.75, or +4%, in premarket trading Thursday.
The Bottom Line
Shares of HOT have a .46% dividend yield, based on last night's closing stock price of $43.80. The stock has technical support in the $40 price area. If the shares can firm up, we see overhead resistance around the $47-$50 price levels. We would remain on the sidelines for now.
Starwood Hotels & Resorts Worldwide, Inc ( HOT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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