UPDATE: Wyndham Worldwide Posts Better-Than-Expected Q3 Earnings, Issues Weak FY15 Forecast

Wyndham Worldwide

reported better-than-expected earnings for the third quarter and issued a weak FY15 forecast. The Parsippany, New Jersey-based company posted a quarterly profit of $206 million, or $1.64 per share, versus a year-ago profit of $187 million, or $1.40 per share. Its earnings, excluding certain items, came in at $1.67 per share. Its revenue rose 6% to $1.51 billion in the period. However, analysts were expecting earnings of $1.63 per share on revenue of $1.53 billion. Wyndham repurchased 2.0 million shares of its common stock for $161 million during the third quarter. The company's board approved a $1 billion increase in the share repurchase authorization. Cash and cash equivalents were $252 million as of September 30, 2014, versus $194 million at December 31, 2013. “We delivered strong results in the third quarter, with 11% growth in adjusted EBITDA and 18% growth in adjusted EPS," said Stephen P. Holmes, chairman and chief executive officer. Wyndham now projects full-year 2014 earnings of $4.34 to $4.44 per share based on a diluted share count of 128 million. It expects full year 2015 earnings of $4.70 to $4.85 per share based on a diluted share count of 125 million, on revenue of $5.40 to $5.50 billion. Wyndham shares fell 2.41% to $76.51 in pre-market trading.