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Wyndham Worldwide Q1 Profit Falls But Adjusted Earnings Tops Street

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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