Wyndham Raises Dividends Based On $73 Million Profit (WYN)
February 10, 2010 11:08 AM
Wyndham Worldwide Corp. (NYSE: WYN) reported a net income of $73 million. This compares with a $1.36 billion loss last year. Wyndham is the franchiser of Super 8 motels, and Days Inn hotels. The company has said that it will triple its dividend.
This profit has to be seen in the backdrop of a scenario where hotel owners are having a tough time attracting customers in the wake of last year’s recession. Wyndham also had to pare down construction, and costs at its timeshare unit in the wake of lower demand.
“Going forward, we remain focused on cash-flow generation, transforming the company by rebalancing our worldwide business portfolio to our fee-for-service businesses and positioning our businesses for future earnings growth,” Chairman, and Chief Executive Officer Stephen P. Holmes said in a statement.
