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Wyndham Worldwide Q2 adjusted net income up YOY

Wyndham Worldwide Corp. reported net income for the second quarter of $78 million, or 75 cents per share, down from $156 million, or $1.39 per share, in the corresponding 2016 period.

For the quarter, adjusted net income, which excludes a $135 million noncash impairment charge related to the writedown of vacation ownership land the company chose not to develop, among other items, rose to $159 million, or $1.53 per share, from $156 million, or $1.40 per share.

The S&P Capital IQ consensus EPS GAAP estimate for the quarter was $1.48.

Looking ahead, the company forecasts adjusted EPS to be in the range of $6.04 to $6.24 for the full year, compared to a previous forecast of EPS of $5.98 to $6.18, issued with the company's first-quarter results.

The S&P Capital IQ consensus EPS GAAP estimate for the year is $6.31.

During the quarter, the company repurchased 1.6 million common shares for $150 million at an average price of $95.82. From July 1 through Aug. 1, it bought back an additional 500,000 shares for $50 million.