Income from continuing operations was $147 million in the third quarter of 2012, compared to $165 million in the third quarter of 2011. Excluding special items, income from continuing operations was $114 million in the third quarter of 2012. Excluding special items, income from continuing operations was $118 million in the third quarter of 2011 and included a $35 million benefit associated with the favorable settlement of an IRS audit.
Net income was $170 million and $0.87 per share in the third quarter of 2012, compared to $163 million and $0.84 per share in the third quarter of 2011. Net income in the third quarter of 2012 benefited from a $23 million (net of tax) reversal of reserves, following the favorable settlement, in the quarter, of certain liabilities associated with a former ITT subsidiary.
Frits van Paasschen, CEO, said, “We delivered another solid quarter of EBITDA and EPS growth led by continued gains in both room rates and occupancy. Global RevPAR grew nearly 5% in constant currency, despite a deceleration in the global economy. In fact, occupancy rose in all regions and is now reaching or exceeding peak levels in many markets around the world.”
“Looking ahead, our results will be driven by two things: first, the trajectory of the global recovery and whether it regains its momentum in 2013; and second, our ability to use our high-end, global brands, to get more than our fair share of the long-term growth in global travel.”Nine Months Ended September 30, 2012 Earnings Summary Income from continuing operations was $405 million in the nine months ended September 30, 2012 compared to $344 million in the same period in 2011. Excluding special items, income from continuing operations was $376 million in the nine months ended September 30, 2012, compared to $273 million in the same period in 2011.
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