During Wednesday’s Morning trade, Shares of Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT), gained 7.12% to $80.12. The firm opened its current trade at $ 81.50, and as of now, it is trading at $80.11. The total volume traded for the day is 3.34M shares, as compared to its average daily volume of 2.33M shares. The stock is floating in a range of $ 78.80 $82.83. The stocks hold the market capitalization of $13.68B.
Today, Starwood Hotels & Resorts Worldwide, Inc. (HOT) stated third quarter 2015 financial results.
Third Quarter 2015 Highlights
- Not Taking Into Account special items, EPS from ongoing operations was $0.74. Counting special items, EPS from ongoing operations was $0.53.
- Adjusted EBITDA was $294 million.
- Not Taking Into Account special items, income from ongoing operations was $125 million. Counting special items, income from ongoing operations was $88 million.
- Worldwide Systemwide REVPAR for Same-Store Hotels raised 5.4% in constant dollars (reduced 0.3% in actual dollars) contrast to 2014. Systemwide REVPAR for Same-Store Hotels in North America raised 5.3% in constant dollars (raised 3.6% in actual dollars).
- Administration fees, franchise fees and other income raised 3.1% contrast to 2014. Core fees raised 1.9% contrast to 2014.
- Earnings from Starwood’s vacation ownership and residential business rose about $8 million contrast to 2014.
- During the quarter, the Company signed 44 hotel administration and franchise contracts, representing about 8,600 rooms and opened 27 hotels and resorts with about 4,800 rooms.
- During the quarter, the Company paid a quarterly dividend of $0.375 per share and repurchased 1.3 million shares at a total cost of $100 million and a weighted average price of $76.64 per share.
- During the quarter, the Company accomplished the sale of The Westin Excelsior Rome for gross cash proceeds of $251 million subject to a long-term administration agreement.
- Recently, the Company declared that it had reached definitive agreements with Interval Leisure Group, Inc. (“Interval”) following which the Company’s vacation ownership business will be distributed on a pro rata basis to stockholders and right away after will merge with a wholly-owned partner of Interval. The transaction has a total value to Starwood of about $1.5 billion.
Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or the “Company”) recently stated EPS from ongoing operations for the third quarter of 2015 of $0.53 contrast to $0.59 in the third quarter of 2014. Not Taking Into Account special items, EPS from ongoing operations was $0.74 for the third quarter of 2015 contrast to $0.66 in the third quarter of 2014.
Special items in the third quarter of 2015 compriseed primarily of losses on asset dispositions and impairments of $46 million ($34 million after-tax) and restructuring and other special charges of $9 million ($7 million after-tax). Special items in the third quarter of 2014 totaled a charge of $12 million (after-tax). Not Taking Into Account special items, the effective income tax rate in the third quarter of 2015 was 32.0% contrast to 34.7% in the third quarter of 2014.
Income from ongoing operations was $88 million in the third quarter of 2015, contrast to $109 million in the third quarter of 2014. Not Taking Into Account special items, income from ongoing operations was $125 million in the third quarter of 2015 contrast to $121 million in the third quarter of 2014.
Net income was $88 million and $0.53 per share in the third quarter of 2015, contrast to $109 million and $0.59 per share in the third quarter of 2014.
Nine Months Ended September 30, 2015 Earnings Summary
Income from ongoing operations was $323 million in the nine months ended September 30, 2015 contrast to $398 million in the same period in 2014. Not Taking Into Account special items, income from ongoing operations was $378 million in the nine months ended September 30, 2015 contrast to $390 million in the same period in 2014. The decline in income from ongoing operations primarily reflects the impact of the sales of ten hotels since the third quarter of 2014.
Net income was $323 million and $1.90 per share in the nine months ended September 30, 2015 contrast to $399 million and $2.11 per share in the same period in 2014.
Adjusted EBITDA was $879 million in the nine months ended September 30, 2015 contrast to $903 million in the same period in 2014.
Short-Term Price Target Update: The mean estimate for the short-term price target for the firm stands at $84.75, according to 22 brokers. The higher price target for HOT is $96.00, while the lower price target is $73.00. In the past 52-weeks, the company shares have gained 4.77% and marked new high $87.99 on Apr 29, 2015.
During the third quarter of 2015, the Company’s residential revenues were $4 million contrast to $2 million in 2014.
Starwood Hotels & Resorts Worldwide, Inc., together with its auxiliaries, operates as a hotel and leisure company worldwide. The company owns, operates, and franchises luxury and upscale full-service hotels, resorts, residences, retreats, select-service hotels, and extended stay hotels under the St. Regis, The Luxury Collection, W, Westin, Le Méridien, Sheraton, Four Points, Aloft, and Element brand names.
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