Strategic Hotels FFO Tops Estimate; Lifts Lower End Of FY Guidance

(RTTNews) - Strategic Hotels & Resorts Inc (BEE) Monday reported second-quarter funds from operations of $48 million or $0.21 per share, compared with $28.7 million or $0.14 per share a year ago.

Analysts polled by Thomson Reuters projected FFO of $0.19 per share for the quarter. Analysts' estimates typically exclude special items.

Net earnings for the quarter were $80.8 million or $0.35 per share, compared with $3.3 million or $0.01 per share last year.

Revenue for the quarter was up 21.6% at $276.2 million, compared with $227 million in the prior year.

Analysts projected revenue of $261.5 million for the quarter.

For fiscal year 2014, the company now expects FFO of $0.62 to $0.68 per share, from prior guidance of $0.59 to $0.68 per share.

Analysts project FFO of $0.65 per share for the year.