Wyndham Worldwide Reports Strong Second Quarter 2011 Earnings; Delivers Free Cash Flow Growth; Increases Guidance (United States)
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Wyndham Worldwide Reports Strong Second Quarter 2011 Earnings; Delivers Free Cash Flow Growth; Increases Guidance (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2011-08-10
Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended June 30, 2011.
Highlights:
Second quarter 2011 adjusted diluted earnings per share (EPS) was $0.64, compared with $0.51 in the second quarter of 2010, an increase of 25%. Second quarter 2011 reported diluted EPS was $0.67, an increase of 31%, compared with the same period in 2010.
Free cash flow increased 22% to $595 million for the first half, compared with $486 million during the same period in 2010. The Company defines free cash flow as net cash provided by operating activities less capital expenditures, equity investments and development advances.
During the quarter, the Company repurchased approximately 6.2 million shares of its common stock at an average price of $32.50 for $200 million.
The Company is increasing its full-year adjusted EPS guidance from a range of $2.15 – $2.25 to a range of $2.32 – $2.40 based on a diluted share count of 171 million.
"Wyndham Worldwide once again delivered strong results across all three of our businesses, which are each well-positioned to deliver profit growth in the future," said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. "In addition, we continue to generate significant and growing levels of sustainable free cash flow that we are deploying to drive shareholder value."
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