Starwood Hotels & Resorts Q3 Profit Tops View - Quick Facts

(RTTNews) - Starwood Hotels & Resorts Worldwide, Inc. (HOT) Tuesday said third-quarter net income fell to $109 million or $0.59 per share from $157 million or $0.81 per share in the third quarter of 2013.

Excluding special items, earnings per share from continuing operations was $0.66 for the third quarter of 2014, while it totaled $0.71 last year. On average, 24 analysts polled by Thomson Reuters expected earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues slipped to $1.493 billion from $1.508 billion in the prior year. Analysts expected revenues of $1.51 billion.

Frits van Paasschen, CEO, said, "We delivered strong results in the third quarter, with both EBITDA and EPS ahead of expectations...Recent volatility in markets outside the U.S. along with a strengthening U.S. dollar are likely to be headwinds in the fourth quarter and into 2015."

Looking ahead to the fourth quarter, earnings per share is estimated to be between $0.73 and $0.77. Analysts expect earnings of $0.78 per share.

For the full year, adjusted earnings per share before special items is expected to be in the range of $2.79 to $2.83. Wall Street looks for earnings of $2.84 per share.