Cendant’s Profit Rises 50% on Sale of Unit
Cendant Corp., owner of Orbitz and the car rental business Avis, said fourth-quarter net income rose 50% on the sale of a unit. The conglomerate cut its 2006 profit forecast, sending the shares down 2.9% after hours.
Net income rose to $537 million, or 53 cents a share, from $357 million, or 33 cents, a year earlier. Sales increased 7.2% to $4.32 billion, New York-based Cendant said. Excluding costs and one-time gains, profit was 23 cents, matching analysts’ estimates.
Shares of Cendant fell 49 cents to $16.33 in after-hours trading. The stock rose 1 cent to $16.82 in regular trading.
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