By RTT News,
February 07, 2014, 06:46:00 AM EDT
(RTTNews.com) - Wyndham Worldwide Corp. ( WYN ) reported that net income attributable to shareholders for the fourth quarter of 2013 was $86 million or $0.65 per share, up from $81 million or $0.57 per share in the fourth quarter of 2012. Reported net income included several items not included in adjusted net income. The net result of these items unfavorably impacted fourth quarter 2013 net income by $10 million and unfavorably impacted fourth quarter 2012 net income by $8 million.
Adjusted net income was $96 million or $0.73 per diluted share, compared with $89 million, or $0.63 per share for the same period in 2012. The increases reflect stronger operating results in the Company's lodging and vacation ownership businesses. Earnings per share growth also benefited from the Company's share repurchase program, which decreased weighted average diluted share count by 7% year-over-year.
Net revenues for the quarter were $1.195 billion up from $1.094 billion last year. The increase reflects growth in all of the Company's business segments. Analysts polled by Thomson Reuters expected the company to report revenues of $1.18 billion for the quarter. Analysts' estimates typically exclude special items.
The Company's Board authorized an increase in the quarterly cash dividend to $0.35 from $0.29 per share, beginning with the dividend that is expected to be declared in the first quarter of 2014.
For the full year 2014, the Company expects adjusted earnings per share in the range of approximately $4.18 - $4.28, and revenues of approximately $5.250 billion - $5.350 billion. Twelve analysts estimate revenues of $5.31 billion for fiscal 2014.
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