Starwood Hotels 3Q profit falls more than 7 pct

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Associated Press

Posted on October 24, 2013 at 4:01 AM

Updated Thursday, Oct 24 at 4:02 AM

STAMFORD, Conn. (AP) — Starwood Hotels & Resorts Worldwide Inc. says its third-quarter earnings fell more than 7 percent from last year when a one-time gain helped results.

The company best known for hotel brands like Sheraton, Westin and St. Regis earned $157 million, or 81 cents per share, in the quarter that ended Sept. 30. That's down from $170 million, or 87 cents per share, last year, when it booked a $23 million gain.

Its adjusted earnings excluding special items came to 71 cents per share. Analysts expected 63 cents per share.

Revenue rose more than 3 percent to $1.51 billion. Analysts forecast revenue of $1.48 billion.

Starwood, based in Stamford, Conn., has 1,169 properties in almost 100 countries.

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