By RTT News,
February 07, 2014, 08:24:00 AM EDT
(RTTNews.com) - Global hospitality company Wyndham Worldwide Corp. ( WYN ) Friday reported a higher fourth-quarter profit, as revenues increased 9 percent, with growth in all of its business segments. The board also authorized an increase in quarterly cash dividend.
For the fourth quarter, net income attributable to shareholders increased to $86 million or $0.65 per share from $81 million or $0.57 per share in the previous year. According to the company, reported net income included several items not included in adjusted net income.
On an adjusted basis, earnings were $0.73 per shares, while the company posted $0.63 per share a year ago. The increases reflected stronger operating results in the company's lodging and vacation ownership businesses.
The company noted that earnings per share growth also benefited from its share repurchase program, which decreased weighted average diluted share count by 7 percent year-over-year.
Stephen Holmes, chairman and CEO of the company said, "We finished the year with another strong quarter, marking our fourth consecutive year of double-digit growth in adjusted EPS."
Quarterly net revenues grew 9 percent to $1.20 billion from $1.09 billion reported last year. On average, 10 analysts polled by Thomson Reuters expected the company to report revenues of $1.18 billion for the quarter. Analysts' estimates typically exclude special items.
Lodging or Wyndham Hotel Group business unit revenues climbed 10 percent to $245 million, reflecting higher RevPAR, a larger system size and increased hotel management reimbursable fees.
The board authorized an increase in 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 about $4.18 to $4.28, and revenues of around $5.25 billion to $5.35 billion. Twelve analysts estimate revenues of $5.31 billion for 2014.
WYN closed Thursday's regular trading at $72.38 on the NYSE. In the pre-market activity, the shares are up 1.63 percent.
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