Wyndham Took $13 Million Hit From Hurricanes in Third Quarter
Skift Take
There's no doubt that the damage from recent hurricanes will affect the travel industry for months and years to come. But analysts don't seem too worried about any impact on Wyndham Worldwide's financials as it plots its upcoming spinoff.
Wyndham Worldwide is feeling the financial impact of the three major hurricanes that swept through Texas, Florida, and the Caribbean as it pursues its planned spinoff in 2018.
The hurricanes that swept through the Caribbean and Florida in particular — Hurricanes Irma and Maria — forced the temporary closures of Wyndham's vacation ownership sales centers, a partial closure of the company's Wyndham Grand Rio Mar resort in Puerto Rico, and led to reduced timeshare exchanges because of travel disruptions. Two of Wyndham's vacation ownership sales centers in the Caribbean are still closed.
Hurricanes reduced third quarter revenue by $13 million, net income by $6 million, earnings before interest, taxes, depreciation, and amortization (EBITDA) by $9 million, and adjusted earnings per share by six cents.
Despite the impact of the hurricanes, Wyndham Worldwide saw 4 percent
