UPDATE: Starwood Reports Upbeat Q2 Profit, Lifts Full-Year Forecast

Starwood Hotels & Resorts Worldwide Inc HOT reported a 15% rise in its second-quarter earnings and raised its full-year earnings forecast. Starwood reported its quarterly profit at $131 million, or $0.68 per share, up from $114 million, or $0.61 per share, in the year-ago period. Excluding items, Starwood's earnings from continuing operations came in at $0.50 per share. Its revenue climbed 11% to $1.43 billion. However, analysts were expecting earnings of $0.46 per share on revenue of $1.41 billion. Starwood lifted its full-year earnings outlook to $1.67 to $1.77 per share, from its earlier outlook of $1.60 to $1.70 per share. It projects Q3 earnings of $0.36 to $0.40 per share, versus analysts' estimates of $0.37 per share. Starwood shares closed at $55.71 yesterday.