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Wyndham Vacation Ownership and Q1 Report for Wyndham Worldwide

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Wyndham Bonnet Creek Resort timeshares
Wyndham Bonnet Creek Resort timeshares, a popular Wyndham Vacation Ownership destination

Yesterday The Timeshare Authority blog reported “Profits Rise at Marriott Vacations Worldwide.” Today’s story is about positive momentum shown in Wyndham Worldwide’s Q1 performance. The report includes a look at Wyndham vacation ownership.

Wyndham Hotel Group posted first quarter 2013 revenue of $222 million, which is an increase of 20 percent over the same quarter in 2012. During this same period, adjusted net income at Wyndham was $98 million, or $0.71 per diluted share, compared with $90 million, or $0.60 per diluted share for the first quarter of 2012.

Wyndham reported that the increase in adjusted net income reflects stronger operating results primarily in its lodging and Wyndham vacation ownership businesses, which showed revenues of $549 million in the first quarter of 2013. This reflects a 10% increase over the first quarter of 2012 for Wyndham vacation ownership sales, but excluding the acquisition of Shell Vacations Club, Wyndham vacation ownership revenues increased by 2%. Similarly to what Marriott Vacations Worldwide reported for its first quarter 2013, the increase in profitability for Wyndham timeshare does not necessarily come from increased timeshare sales.

Wyndham Vacation Ownership reported:

  • Service and membership fees at $569M for Q1 2013 versus $504M for Q1 2012.
  • Vacation Ownership interest sales at $263M for Q1 2013 versus $271M for Q1 2012.
  • Franchise fees at $122M for Q1 2013 versus $118M for Q1 2012.
  • Consumer financing at $105M for Q1 2013 versus $103M for Q1 2012
  • Other: $74M for Q1 2013 versus $40M for Q1 2012.

Summary: Wyndham Vacation Ownership net revenues of $1,133M for the Q1 2013 versus $1,036M for Q1 2012.

Stephen P. Holmes, chairman and CEO of Wyndham Worldwide, observed, “We’re off to a great start this year, with an 18% increase in adjusted earnings per share. Our operating momentum is strong and our capital allocation philosophy is disciplined. This winning combination will continue to enhance our growth and shareholder value, this year and in years to come.”