Wyndham Q1 Profit Up, Tops Estimates; Lifts FY17 EPS View, Backs Revenue Outlook

(RTTNews) - Wyndham Worldwide (WYN) reported Wednesday that its first- quarter net income was $141 million, compared with $96 million last year. Earnings per share were $1.33, compared with $0.84 for the prior year period.

Adjusted net income was $120 million, compared with $127 million last year. Adjusted earnings per share were $1.14, compared with $1.12 a year ago.

First-quarter revenues were $1.32 billion, up 1% from $1.30 billion last year.

On average, 19 analysts polled by Thomson Reuters expected earnings of $1.11 per share on revenues of $1.32 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, for fiscal 2017, the company reduced adjusted net income forecast to approximately $631 million to $652 million from previously expected $637 million to $658 million, reflecting higher interest expense from a new long-term debt issuance in the first quarter 2017 that replaced lower cost borrowings.

However, the company now expects adjusted earnings per share of approximately $5.98 to $6.18, higher than previous estimate of $5.90 to $6.10.

The company reiterated adjusted EBITDA view of approximately $1.41 billion to $1.44 billion and revenue forecast of approximately $5.80 billion to $5.95 billion.

Analysts expect earnings of $6.2 per share on revenues of $5.86 billion for the year.