Wyndham Worldwide Reports Strong Fourth Quarter and Full Year 2007 Results
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on Wednesday 13 February 2008
- Delivers Double-Digit Top- and Bottom-Line Growth for Full Year 2007
- Announces Full Year 2007 Adjusted EPS Growth of 25%
- Affirms 2008 Guidance
Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months and year ended December 31, 2007.
Financial information discussed in this press release includes both GAAP and non-GAAP measures, which include or exclude certain items, or reflect pro forma adjustments, related to the Company's spin-off effective July 31, 2006. These non-GAAP measures differ from reported results and are intended to illustrate what management believes are relevant period-over-period comparisons. Non-GAAP measures are indicated as "Adjusted." A complete reconciliation of reported GAAP results to the comparable Adjusted information appears in the financial tables section of this press release.
FOURTH QUARTER AND 2007 HIGHLIGHTS:
-- Fourth quarter 2007 revenues increased 6% to $1.0 billion
-- Fourth quarter 2007 net income was $104 million or $0.58 diluted earnings per share. Adjusted net income was $83 million or $0.46 diluted earnings per share.
-- Revenues for full year 2007 increased 13% to $4.4 billion compared to full year 2006, with strong, top-line growth across the Company's three businesses
-- Net income for full year 2007 increased 40% to $403 million, or $2.20 per diluted share, compared to 2006 net income of $287 million, or $1.44 per diluted share
-- Adjusted net income for full year 2007 increased to $387 million, or $2.12 per diluted share, up 14% and 25%, respectively, compared to 2006
Adjusted net income of $339 million, or $1.70 per diluted share
-- Vacation Ownership posted strong full-year results, with 2007 revenues and gross vacation ownership sales increasing 17% and 14%, respectively, compared to 2006
-- Vacation Ownership resort count continued to expand, adding over 1,500 units to the portfolio during the year
-- Comparable revenue per available room (RevPAR) rose 5.9% in the fourth quarter of 2007 compared to the fourth quarter of 2006, while system-wide RevPAR increased 5.3% over the prior year period
-- Lodging opened nearly 19,000 rooms in the fourth quarter of 2007, while ending the year with a hotel pipeline of over 105,000 rooms
-- Average number of vacation exchange members increased 5% for full year 2007 compared to 2006, reaching a Company record of more than 3.5 million members
-- Average net price per vacation rental increased 14% for full year 2007 compared to 2006, or 6% excluding the favorable effect of currency translations
-- During 2007, Wyndham Worldwide repurchased approximately 14.8 million shares. At December 31, 2007, approximately $163 million remained under the Company's previously announced share repurchase program.
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