PARSIPPANY, N.J. (AP) ¿ Wyndham Worldwide Corp. said Wednesday its profit rose 7 percent in the first quarter as the lodging company slashed expenses to offset declines in hotel demand and sales of vacation ownership interests. For the quarter ended March 31, Wyndham's earnings rose to $45 million, or 25 cents per share. That's up from $42 million, or 24 cents per share, a year ago. Excluding restructuring costs and other one-time items, Wyndham said its profit would have totaled $74 million, or 41 cents per share, which is up from an adjusted profit of $62 million, or 35 cents per share, last year. The company's revenue, however, fell 11 percent to $901 million, from $1.01 billion in the first quarter of 2008. Analysts polled by Thomson Reuters, who generally exclude one-time items, predicted a profit of 35 cents per share on revenue of $838.9 million. In its hotel group, revenue per available room ¿ a key gauge of a hotelier's performance ¿ fell 11.3 percent, excluding the impact of foreign currency.
Sales of vacation ownership interests tumbled by 39 percent after the company announced in December that it would scale back that business due to the tighter credit markets. To offset those declines, the company reduced expenses by 12 percent to $812 million during the quarter, which reflected cutbacks in marketing, administrative, operating and other costs. Wyndham reaffirmed its guidance for the full-year 2009. The company continues to expect adjusted earnings between $1.61 and $1.85 per share and revenue of $3.5 billion to $3.9 billion. Analysts predict earnings of $1.60 on revenue of $3.44 billion. For the second quarter, Wyndham expects its adjusted profit to range from 36 cents to 41 cents per share. Wall Street forecasts a profit of 36 cents per share.