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News > Companies
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Cendant beats estimates
graphic February 6, 2002: 5:18 p.m. ET

The travel services firm says the sector should pick up soon.
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  • Cendant boosts 4Q, 2001, 2002 EPS outlook - Dec. 10, 2001
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  • Cendant
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    NEW YORK (CNN/Money) - Travel and real estate company Cendant said Wednesday its fourth-quarter before-items profit increased, citing recent acquisitions and gains in its service businesses.

    The owner of rental-car company Avis and Cheap Tickets reported adjusted earnings from operations of $232 million, or 23 cents per share, compared with $167 million, or 22 cents per share, a year earlier.

    The earnings beat the average analyst estimate of 21 cents per share, according to tracking firm First Call.

    Cendant (CD: up $0.22 to $15.57, Research, Estimates) officials said revenues were $2.58 billion compared with $1.17 billion for the same period last year and the company raised its 2002 outlook to $1.29 adjusted earnings per share from $1.28.

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    The company was hurt by the decline in travel after the Sept. 11 attacks, but said it thinks the sector will pick up in upcoming months.

    Shares of New York-based Cendant rose on Wednesday. 

    --from staff and wire reports  graphic

      RELATED STORIES

    Cendant boosts 4Q, 2001, 2002 EPS outlook - Dec. 10, 2001
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    Cendant




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