Wyndham Worldwide reported third-quarter net income of $104 million, 27% less than what the company earned in the same quarter a year ago.
Third-quarter revenue fell 17%, to $1.02 billion, due to continued weakness in the hotel industry, unfavorable changes in foreign exchange rates and a previous move to invest less in its vacation ownership business, said Wyndham.
Given the difficult environment, Wyndham Worldwide CEO Stephen Holmes said he was pleased with the company's performance.
"Wyndham Worldwide delivered solid results in the third quarter, once again demonstrating the benefits of a strong, resilient business model and excellent execution," Holmes said.
"We continue to transform the company by rebalancing our worldwide business portfolio to increase the contribution of fee-for-service businesses and drive strong cash flow."
