Wyndham Worldwide Corp.'s third-quarter earnings rose 50% as the lodging company saw a big tax benefit and as its hotel and time-share businesses continued to recover from weak demand last year.
For the year, the company raised its earnings guidance to $1.94 to $1.98 a share from July's boosted forecast of $1.78 to $1.88. It also sees 40 cents to 44 cents this quarter, while analysts' average projection was 40 cents, according to Thomson Reuters.
The lodging industry has seen results improve in recent quarters amid an upturn in travel and tourism demand and prior cost cutting. Rival Marriott International Inc. about three weeks ago swung to a third-quarter profit absent prior-year write-downs as its timeshare business continued to rebound. However, it gave a weak view for the current quarter.
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