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Starwood 1st-quarter profit more than quadruples
Starwood Hotels & Resorts 1st-quarter profit more than quadruples; revenue up 32 percent
By The Associated Press

STAMFORD, Conn. (AP) ' Starwood Hotels, freed from huge charges it took last year, is reporting that first-quarter net income more than quadrupled.

The company earned $128 million, or 65 cents per share. That's up from $28 million, or 14 cents per share, last year.

Excluding one-time items, earnings from continuing operations were 63 cents per share, easily beating Wall Street expectations of 53 cents. It beat on revenue, too, which rose 32 percent to $1.72 billion.

Starwood expects earnings this year of $2.35 to $2.46 per share and second-quarter earnings of 58 cents to 62 cents per share. Both forecasts include the Bal Harbour project.

Wall Street expects 2012 earnings $2.69 per share and 60 cents per share for the second quarter.

Starwood Hotels & Resorts Worldwide Inc. is based in Stamford, Conn.

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