PARSIPPANY, N.J.—Wyndham Worldwide Corporation today announced results for the three months ended March 31, 2012. Highlights include:
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First quarter adjusted diluted earnings per share (EPS) was $0.60, compared with $0.44 in the first quarter of 2011, an increase of 36%. First quarter 2012 reported diluted EPS was $0.21, a decrease of 49% from the same period in 2011, reflecting early extinguishment charges related to $650 million of debt tender offers.
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First quarter Adjusted EBITDA increased 8% to $220 million.
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Free cash flow increased to $193 million for the quarter ended March 31, 2012, compared with $185 million from the same period in 2011.
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During the quarter, the Company repurchased 3.6 million shares of its common stock for $150 million at an average price of $42.05.
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The Company announced today that its Board of Directors approved a $750 million increase to the share repurchase authorization.
“First quarter results were strong, reflecting the power of our fee-for-service business model across economic cycles, continuing innovation throughout the Company, robust free cash flow and disciplined capital allocation,” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide, in a statement. “Furthermore, consumers are traveling. Our Vacation Ownership and Hotel businesses are showing great momentum and our Exchange and Rentals business proved resilient despite the difficult economic climate in Europe. As always, we will continue to focus on driving operational improvements in 2012 and beyond.”