Starwood reports strong third quarter 2007 results
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Starwood reports strong third quarter 2007 results
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Catégorie : Monde
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 25-10-2007
Starwood Hotels & Resorts Worldwide, Inc.
(NYSE: HOT) today reported strong third quarter 2007 financial results.
Third Quarter 2007 Highlights
Excluding special items, EPS from continuing operations was $0.68, unchanged
from the third quarter of 2006. Including special items, EPS from continuing
operations was $0.61 compared to $0.71 in the third quarter of 2006.
Excluding special items, income from continuing operations was $143 million
compared to $148 million in the same period of 2006. Net income, including special
items, was $129 million compared to $155 million in the third quarter of 2006.
Total Company Adjusted EBITDA was $348 million compared to $328 million in
2006.
During the third quarter, the Company repurchased 9.2 million shares at a cost of
$544 million.
Worldwide System-wide REVPAR for Same-Store Hotels increased 9.5% compared
to the third quarter of 2006. System-wide REVPAR for Same-Store Hotels in North
America increased 6.1%.
Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased
8.7%. REVPAR for Starwood branded Same-Store Owned Hotels in North America
increased 6.4%.
Margins at Starwood branded Same-Store Owned Hotels Worldwide improved 72
basis points as compared to the third quarter of 2006. Margins at Starwood
branded Same-Store Owned Hotels in North America declined 65 basis points as
compared to third quarter of 2006 due to the negative impact of renovations
occurring at several of these hotels.
Management and franchise revenues increased 16.7% when compared to 2006.
Reported revenues from vacation ownership and residential sales were flat when
compared to 2006.
The Company signed 38 hotel management and franchise contracts in the quarter
representing approximately 9,000 rooms.
Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or the “Company”) today reported
EPS from continuing operations for the third quarter of 2007 of $0.61 compared to $0.71 in
the third quarter of 2006. Excluding special items, EPS from continuing operations was
$0.68 for the third quarter of 2007, unchanged from the third quarter of 2006. Special
items in 2007 net to a charge of $0.07 per share and primarily relate to losses on asset
impairments. Special items in 2006 net to a benefit of $0.03 per share primarily due to
one-time income tax benefits realized in connection with the sale of a portfolio of hotels
offset in part by losses on asset dispositions. Excluding special items, the effective income
tax rate in the third quarter of 2007 was 33.0% compared to 21.2% in the same period of
2006 due to non-recurring capital loss benefits generated in 2006 from the disposition of
certain qualifying joint venture interests.
Income from continuing operations was $129 million in the third quarter of 2007 compared
to $155 million in 2006. Excluding special items, which net to a $14 million charge in 2007
and a $7 million credit in 2006, income from continuing operations was $143 million for the
third quarter of 2007 compared to $148 million in 2006.
Net income was $129 million and EPS was $0.61 in the third quarter of 2007 compared to
net income of $155 million and EPS of $0.71 in the third quarter of 2006.
Frits van Paasschen, CEO, said, “Starwood reported yet another strong quarter driven by
our strong brands, our large presence in the upper upscale and luxury segments, and our
international platform, where system-wide REVPAR increased 13.9%. Our pipeline grew
to almost 115,000 rooms in the quarter, creating a terrific opportunity for Starwood to
continue to grow at above-industry growth rates. Despite the projected 2008 decline in our
vacation ownership business, we expect 2008 to be another great year for the Company,
as our core hotel business continues to enjoy strong fundamentals. We also repurchased
$544 million of our stock in the quarter, a record amount for Starwood.”
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