Wyndham Worldwide reports results for Q1
Wyndham Worldwide Corporation has announced financial results for the three months of 2017 that are “in line with expectations” as it pushes to grow its operations, particularly Wyndham Vacation Ownership, which saw revenues of $648 million in the first quarter, compared to $641 million in the same period last year.
The operating results for the first quarter show revenues of $1.3 billion, up one per cent compared with the same year period in 2016, with net income of $141 million compared with $96 million for the first quarter of 2016.
Diluted earnings per share (EPS) were $1.33 compared with $0.84 for the prior year period, while adjusted net income for the first quarter of 2017 – which excludes charges and gains in 2017 and charges in 2016 – was $120 million compared with $127 million for the first quarter of 2016, primarily reflecting a higher provision for loan losses and benefits in the prior-year period related to business interruption claims that were absent in Q1 2017.
Adjusted diluted EPS was $1.14 compared with $1.12 per share in the prior year period, reflecting the benefit of the company’s share repurchase programme.
Stephen P. Holmes, Wyndham’s chairman and CEO, said: “Our first quarter results were right in line with our expectations. “We’re excited by the progress we’re making in connecting our customers and brands through Wyndham Rewards to enhance customer acquisition, experience and retention. We expect this to result in stronger growth and greater long-term value for our shareholders this year and for years to come.
“In addition, we are pleased to welcome Mike Brown as the new CEO and president of our vacation ownership business. Mike is a 25-year hospitality industry veteran and brings an ideal combination of strategic vision, operational expertise, and industry knowledge to the role. I am confident that Mike is the right leader to take Wyndham Vacation Ownership to the next level.”