The company anticipates 2008 first-quarter adjusted net income in a range of 30 cents to 35 cents per share, according to a filing with the Securities and Exchange Commission.

The forecast excludes 12 cents to 15 cents per share in deferred revenue from its timeshare operations.

Analysts surveyed by Thomson Financial predict a first-quarter profit of 50 cents per share. Analyst estimates typically exclude one-time items.

Parsippany, N.J.-based Wyndham also reaffirmed its outlook for 2007 adjusted earnings between $2.02 and $2.13 per share, and predicted 2008 adjusted profit in a range of $2.23 to $2.38 per share.

Analysts expect 2007 net income of $2.12 per share and 2008 earnings of $2.35 per share.

In August 2006, Wyndham was spun off from Cendant Corp., which is now known as Avis Budget Group.

Shares of Wyndham Worldwide slumped $2.67, or 8.7 percent, to $27.92 in midday trading. The stock has traded between $26.73 and $39.40 over the past year.