Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) revealed their Q3 earnings on Thursday and they reported a decline in the profit for Q3 stating that the reasons were lower one time benefits and the absence of the gain from previous years because of discontinued operations in some areazs. The adjusted earnings for ever share as well as the top line beat estimates made by analysts.
The net income for the company for the third quarter declined by 7.6% to $157 million, the figures from last year stood at $170 million. Earnings per share also fell down by around 6.9% to $.082 as compared to $.087 from last year. Excluding the prior gain of $23 million of $0.12 per share the company swa a growth in earnings by 6.8 percent as earnings from every share also rose to 8%.
The results for the latest quarter (Q3) also included some special items. A benefit of $20 million which was primarily related to the favorable adjustment of legal reserve was one of the special items included. The benefits from last year’s results included a greater benefit of $33 million.
The adjusted income from continuing operations which usually excludes special items raked in $137 million at $0.71 a share, in contrast last year’s earnings were at $114 million or $0.58 for every share. Thomson Reuters analysts had estimated expected earnings per share of $0.63 per share for this quarter, however most analysts exclude one-time items from such estimates.
The Starwood Hotels & Resorts Worldwide, Inc also saw an increase in the quarterly revenues at $1.51 billion which is an increase of 3.6% as compared to last year’s figure of $1.46 billion. This was higher than what estimates pointed to at $1.49 billion for Q3.
The board of directors at Starwood Hotels & Resorts Worldwide, Inc announced that they have declared an annual cash dividend for their shareholders of $1.35 per share which will be payable on the 27th of December. The board also announced that they would pay quarterly dividends from 2014 making as many as 4 dividend payments next year.