Starwood Hotels & Resorts Worldwide posted first-quarter earnings of $99 million or 58 cents per share, down from last year's $137 million but exceeding analysts' expected profit of 57 cents per share. Revenue was down 2.9% to $1.42 billion as systemwide occupancy rose 2.3%.
MGM Mirage posted a first-quarter loss of 31 cents a share, wider than analysts' estimates of a loss of 27 cents a share. MGM Mirage owns 10 casino-resorts on the Las Vegas strip, including CityCenter, which opened in 2009. Aria, the showpiece casino in CityCenter, had an operating loss of $66 million for the quarter.
Great Wolf Resorts Inc., an indoor water-park resort operator, reported a first-quarter net loss of $5.6 million, or 18 cents per share. In the same quarter last year, its net loss was $2.3 million. The company attributed the loss to reduced room revenue and lower occupancy rates, which dropped 7.9% at resorts that were open for all of the 2008 and 2009 first quarters.
Dow Chemical exceeded analysts' expectations with first-quarter earnings, excluding items, of 12 cents a share, as opposed to expectations of a loss of 20 cents a share. Sales fell 39% to $9.09 billion, compared with analysts' forecasts of $11.61 billion, and one analyst said the better-than-expected revenues likely can be credited to the company's cost management.
Wyndham Worldwide posted first-quarter net income of $45 million, up from $42 million in the same period a year ago. The company's profit, excluding items, was 41 cents a share, exceeding analysts' expectations of 36 cents a share. However, the chain saw a 14% decline in international revenue per room amid the global recession.