Starwood Reports Strong First Quarter
Starwood Hotels & Resorts Worldwide, Inc. reported EPS from continuing operations for the first quarter of 2008 of $0.42 compared to $0.56 in the first quarter of 2007. Excluding special items, EPS from continuing operations was $0.44 for the first quarter of 2008 compared to $0.48 in the first quarter of 2007.
Excluding special items, the effective income tax rate in the first quarter of 2008 was 28.7 percent compared to 35.7 percent in the same period of 2007 primarily due to various tax planning initiatives.
Income from continuing operations was $79 million in the first quarter of 2008 compared to $123 million in 2007. Excluding special items, which net to a $4 million charge in 2008 and a $19 million benefit in 2007, income from continuing operations was $83 million for the first quarter of 2008 compared to $104 million in 2007.
Net income was $32 million and EPS was $0.17 in the first quarter of 2008, compared to net income of $122 million and EPS of $0.56 in the first quarter of 2007.
Worldwide System-wide REVPAR for same-store Hotels increased 8.4 percent compared to the first quarter of 2007, including 17.5 percent in Africa & the Middle East, 16.3 percent in Asia Pacific, 15.3 percent in Europe, 9.1 percent in Latin America, and 2.9 percent in North America.
Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased 9.7 percent. REVPAR at Starwood branded Same-Store Owned Hotels in North America increased 8.2 percent.
Internationally, Starwood branded Same-Store Owned Hotel REVPAR increased 2.9 percent, excluding the impact of foreign exchange, and as reported, in US dollars, branded. Same-Store Owned Hotel REVPAR increased 12.3 percent.
Revenues at Starwood branded Same-Store Owned Hotels in North America increased 6.3 percent while costs and expenses increased 6.2 percent when compared to 2007. Revenues at Starwood branded Same-Store Owned Hotels Worldwide increased 8 percent while costs and expenses increased 8.2 percent when compared to 2007.
