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Cendant raises forecasts
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August 9, 2001: 3:11 p.m. ET
Owner of Avis, Howard Johnson brands boosts earnings outlook
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NEW YORK (CNNfn) - Cendant Corp. raised its forecast for third-quarter and 2001 earnings Thursday, the sixth time the hotel and rental car franchiser has raised estimates this year.
The New York-based company, which owns the Avis car rental and Howard Johnson hotel brands, said it expected to earn 33 cents a share in the third quarter and $1.08 for the full year. Wall Street analysts expected Cendant (CD: down $0.42 to $19.45, Research, Estimates) to earn 32 cents a share in the quarter and $1.07 in the year, according to earnings tracker First Call.
"Based upon the strengths of our operating results for the first six weeks of this quarter and our outlook for the balance of the quarter across many of our businesses, we feel confident that our results will exceed our previous expectations," said Cendant CEO Henry Silverman.
Cendant is in a deal to buy Galileo International Inc. (GLC: down $0.35 to $31.95, Research, Estimates) for $2.9 billion in cash and stock in a bid to expand into the electronic travel reservation business. Regulatory obstacles have delayed the closing of the deal.
Despite the optimistic earnings outlook, Cendant stock fell in afternoon trading on the New York Stock Exchange. 
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Cendant
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