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Cendant beats estimates
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February 6, 2002: 5:18 p.m. ET
The travel services firm says the sector should pick up soon.
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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.
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 
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