Wyndham Worldwide 1Q Net Up 7.1% On Cost-Cutting
Wyndham Worldwide Corp.'s (WYN) first-quarter net income rose 7.1% on lower costs while revenue fell as a result of continued spending declines by consumers and businesses. Still, results for the hotel and vacation timeshare group topped expectations. The hotel industry has been cutting costs after getting hammered last year, and the outlook for 2009 remains dire. Wyndham's expenses dropped 12% from a year earlier.