Starwood Hotels Profit Exceeds Estimates on Tax Benefit
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Starwood Hotels & Resorts Worldwide Inc., owner of the luxury St. Regis and W brands, said first-quarter earnings rose 66 percent because of a tax benefit and growth in North America.
Net income climbed to $213 million, or $1.09 a share, from $128 million, or 65 cents, a year earlier, the Stamford, Connecticut-based company said today in a statement. That compares with a 53-cent average estimate of 15 analysts, according to data compiled by Bloomberg.