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Starwood Unveils Q2 2013 Earnings

Thursday July 25th, 2013 - 10:47AM

STAMFORD, CT—Starwood Hotels & Resorts Worldwide, Inc. has reported EPS from continuing operations for the second quarter of 2013 of $0.71, as compared to $0.66 in the second quarter of 2012.

EPS from continuing operations was $0.79 for the second quarter of 2013, as compared to $0.70 in the second quarter of 2012, excluding special items. Special items in the second quarter of 2013 totaled a charge of $16M, mostly related to certain non-recurring income tax charges associated with an asset disposition, interest on deferred income from sales of vacation ownership units and the resolution of certain tax positions, while special items in the second quarter of 2012 totaled a charge of $9M, primarily relate to costs associated with the early extinguishment of debt.

Excluding special items, the effective income tax rate in the second quarter of 2013 increased to 33.8%. The effective income tax rate in the second quarter of 2012 was 31.5%, excluding special items, mostly due to the higher percentage of pretax income in the U.S. in 2013.

Income from continuing operations was $137M in the second quarter of 2013, while it was $129M in the second quarter of 2012. Excluding special items, income from continuing operations was $153M in the second quarter of 2013, as compared to $138M in the second quarter of 2012.

Net income was $137M and $0.71 per share in the second quarter of 2013, while it was $122M and $0.62 per share in the second quarter of 2012.