Wyndham Worldwide Corporation, second-quarter profit fell 28 percent as travelers booked fewer hotel rooms, but results still beat analyst expectations.
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The hotel operator earned $71 million, or 39 cents per share, down from $98 million, or 55 cents per share, in the same period a year earlier.Excluding one-time costs, the company earned 41 cents per share, beating a consensus estimate of 37 cents per share among analysts polled by Thomson Reuters. The company noted its results were at the high end of its guidance range.
Revenue fell 19 percent to $920 million from $1.13 billion. Analysts had expected revenue of $917 million.Wyndham said its revenue per available room a key industry metric known as revpar fell 13.6 percent, compared with a 19.5 percent drop for the entire industry.Analysts predict third-quarter profit of 58 cents per share and full-year revenue of $3.6 billion.Wyndham shares added 32 cents, or 2.5 percent, to $12.99 in premarket activity.
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