Stamford’s Starwood Hotels 3Q Profit Falls More Than 7%
STAMFORD, Conn. (AP) _ Starwood Hotels & Resorts Worldwide Inc. says its third-quarter earnings fell more than 7 percent from last year when a one-time gain helped results.
The company best known for hotel brands like Sheraton, Westin and St. Regis earned $157 million, or 81 cents per share, in the quarter that ended Sept. 30. That’s down from $170 million, or 87 cents per share, last year, when it booked a $23 million gain.
Its adjusted earnings excluding special items came to 71 cents per share. Analysts expected 63 cents per share.
Revenue rose more than 3 percent to $1.51 billion. Analysts forecast revenue of $1.48 billion.
Starwood, based in Stamford, Conn., has 1,169 properties in almost 100 countries.
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