Starwood Reports First Quarter 2015 Results (United States)
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today reported first quarter 2015 financial results. |
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Starwood Reports First Quarter 2015 Results (United States)
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today reported first quarter 2015 financial results. |
Category: North America & West Indies / Carribean islands - United States - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2015-04-30
First Quarter 2015 Highlights - Excluding special items, EPS from continuing operations was $0.65. Including special items, EPS from continuing operations was $0.58.
- Adjusted EBITDA was $274 million.
- Excluding special items, income from continuing operations was $110 million. - - - Including special items, income from continuing operations was $99 million.
- Worldwide Systemwide REVPAR for Same-Store Hotels increased 5.2% in constant dollars (1.9% in actual dollars) compared to 2014. Systemwide REVPAR for Same-Store Hotels in North America increased 6.8% in constant dollars (5.8% in actual dollars).
- Management fees, franchise fees and other income decreased 3.2% compared to 2014. Core fees increased 1.6% compared to 2014.
- Earnings from Starwood’s vacation ownership and residential business increased approximately $4 million compared to 2014.
- During the quarter, the Company signed 33 hotel management and franchise contracts, representing approximately 6,000 rooms, and opened 20 hotels and resorts with approximately 3,200 rooms.
- During the quarter, the Company paid a quarterly dividend of $0.375 per share and repurchased 1.6 million shares at a total cost of $123 million and a weighted average price of $78.29 per share.
- On April 16, 2015, the Company introduced Tribute Portfolio, its tenth brand and second collection of independent hotels.
First Quarter 2015 Earnings Summary Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or the “Company”) today reported EPS from continuing operations for the first quarter of 2015 of $0.58 compared to $0.71 in the first quarter of 2014. Excluding special items, EPS from continuing operations was $0.65 for the first quarter of 2015 compared to $0.63 in the first quarter of 2014.
Special items in the first quarter of 2015, which totaled a charge of $11 million (after-tax), included restructuring and other special charges totaling $31 million (pre-tax), partially offset by a pre-tax gain of $18 million primarily related to the sale of a minority partnership interest in a hotel. Special items in the first quarter of 2014 totaled a benefit of $14 million (after-tax). Excluding special items, the effective income tax rate in the first quarter of 2015 was 32.5% compared to 32.2% in the first quarter of 2014.
Income from continuing operations was $99 million in the first quarter of 2015, compared to $136 million in the first quarter of 2014. Excluding special items, income from continuing operations was $110 million in the first quarter of 2015 compared to $122 million in the first quarter of 2014.
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