UPDATE: Wyndham Posts 9.1% Drop In Q3 Profit, Lifts Full-Year Forecast
Wyndham Worldwide (NYSE: WYN) reported a 9.1% drop in its third-quarter earnings.
Wyndham raised its adjusted profit forecast for the year to $3.15 to $3.20 per share, versus its July forecast of $3.10 to $3.20 per share. It also lifted its revenue view to $4.5 billion to $4.6 billion, versus $4.425 billion to $4.6 billion.
Wyndham's quarterly profit fell to $159 million, from $175 million, in the year-ago period. On a per-share basis, Wyndham earned $1.11 from $1.08. Excluding other items, Wyndham earned $1.13 per share.
Its revenue rose 4.4% to $1.27 billion. However, analysts were expecting earnings of $1.10 per share on revenue of $1.27 billion.
Wyndham's total expenses rose 5.3%.
Wyndham shares closed at $53.30 yesterday.
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