Hospitality services and products provider Wyndham Worldwide Corporation (WYN) Wednesday posted lower profit for the first quarter reflecting increased expenses. However, adjusted earnings surpassed the Street estimates.
For the three-month period, the company posted net income attributable to shareholders of $27 million versus prior-year earnings of $32 million. On a per share basis, earnings for the period fell to $0.19 from $0.21 last year.
On an adjusted basis, the firm posted earnings of $0.71 for the period. Nine analysts on average polled by Thomson Reuters estimated earnings per share of $0.67 for the quarter. Analysts estimates typically exclude one-time items.
Net revenue for the quarter climbed to $1.133 billion from $1.036 billion a year earlier and was in line with consensus estimate of $1.13 billion.
Early extinguishment of debt cost the company $111 million this year as opposed to $ 106 million last year.
Looking forward, the company sees adjusted earnings per share of approximately $3.60 to $3.70 and revenue of approximately $4.925 to $5.100 billion for the full fiscal year. Analysts are currently looking for earnings of $3.67 on revenue of $4.95 billion.
by RTT Staff Writer
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