Strong results at Wyndham Worldwide
Wyndham Worldwide has reported a new income of 44 US cents per share for the first quarter of financial 2010 with revenue improving across all business segments.
Parsippany, New Jersey-based Wyndham generated a total net profit of $72 million for the period, compared with $50 million for the same period in 2010.
Revenue for the three months ended March 31st increased seven per cent to $952 million as results improved in lodging, vacation exchange and rentals and ownership segments.
Lodging unit Wyndham Hotel Group reported revenue per available room climbed 7.4 per cent in the quarter.
Wyndham operates across the United States and Canada, but also in Mexico and the Caribbean, with key brands including Ramada and Days Inn.
The operator also boosted its full-year adjusted earnings outlook above analysts’ expectations earlier, saying it plans an additional $500 million in stock buybacks.
Looking ahead, Wyndham expects full-year adjusted earnings of $2.15 to $2.25 per share.
Its prior forecast was for adjusted earnings between $2.05 and $2.15 per share.
Earlier this Wyndham Hotel Group announced the signing of a deal to bring six properties to India for its Ramada and Days Inn brands.
The new properties will strengthen the company’s presence in the country, adding to the 12 hotels that are already open and operating and the eight properties that are currently under development in the market, a release stated.
Aerens Goldsouk International, headquartered in Gurgaon, has signed agreements for four of the properties in Chennai, Kochi, Hisar and Ludhiana, while the Madhuban Group in Dehradun and Mussoorie signed agreements for the other two properties.