NEW YORK (AP) — NEWS: Wyndham Worldwide said Wednesday its net income rose 18 percent in the third quarter.
DETAILS: The hotel, vacation ownership and vacation rental company said revenue increased more than 10 percent across all of its business lines. It raised its profit forecast for the year, partly because it plans to buy back more stock.
Wyndham said revenue per available room, and important measure in the industry, rose 5.2 percent from last year in the U.S., and 3.4 percent worldwide, reflecting higher growth of lower-priced hotels in China.
NUMBERS: Wyndham Worldwide Corp.'s net income increased to $187 million, or $1.40 per share, from $159 million, or $1.11 per share. Adjusted for one-time items, earnings per share for the recent quarter came to $1.41 per share.
Revenue rose 13 percent, to $1.43 billion from $1.27 billion.
FactSet says analysts were expecting net income of $1.36 per share, on $1.41 billion in revenue.
FUTURE: The Parsippany, N.J., company expects to report net income of $3.78 to $3.80 per share in 2013, up from an earlier estimate of $3.66 to $3.76 per share. It says revenue will be between $4.93 billion and $5.1 billion.
Analysts were expecting net income of $3.77 per share and revenue of $4.98 billion.
In 2014, Wyndham is calling for net income of $4.12 to $4.22 per share and $5.25 billion to $5.35 billion in revenue.
Analysts were calling for net income of $4.21 per share and $5.29 billion in revenue on average.
STOCK: Wyndham Worldwide shares slipped 26 cents to $65.11 in afternoon trading.