UPDATE: Wyndham Worldwide Posts Upbeat Q4 Earnings, Lifts Forecast

reported better-than-expected earnings for the fourth quarter and raised its FY15 outlook. The Parsippany, New Jersey-based company posted quarterly earnings of $81 million, or $0.65 per share, compared to $86 million, or $0.65 per share, in the year-ago period. Excluding one-time items, the company's earnings climbed 23% to $0.90 per share. Its revenue rose 3% to $1.23 billion. However, analysts were expecting earnings of $0.84 per share on revenue of $1.23 billion. Lodging revenue climbed 9% to $267 million in the quarter, while revenue for Vacation Exchange and Rentals rose 2% to $311 million. Vacation Ownership revenue gained 2% to $668 million in the fourth quarter. During the quarter, Wyndham repurchased 2.1 million shares of its common stock for $171 million. As of December 31, 2014, cash and cash equivalents totaled $183 million, versus $194 million at December 31, 2013. Wyndham's board lifted the quarterly cash dividend to $0.42 per share from $0.35 per share. Stephen P. Holmes, chairman and CEO said, "All three of our businesses performed well and we're enthusiastic about the opportunities and initiatives that will drive growth going forward. As an indication of confidence in our prospects, the Board of Directors approved a 20% increase in our quarterly dividend." For the full year, Wyndham now projects earnings of $4.75 to $4.90 per share, on revenue of $5.45 billion to $5.5 billion. Wyndham shares fell 1.27% to close at $81.01 yesterday.