Industry News

Cendant reports record earnings

2003 net income hits $1.46 billion

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Cendant Corp. (NYSE: CD) on Wednesday reported record fourth-quarter 2003 earnings per share from continuing operations of $0.28, an increase of 17 percent from $0.24 in fourth quarter 2002. Fourth-quarter net income rose to $288 million, up 17 percent from $247 million same quarter last year. The company reported record full-year 2003 earnings per share from continuing operations of $1.41, versus $1.01 in 2002, an increase of 40 percent. Full-year net income hit $1.46 billion, up 39 percent from 2002's $1.05 billion. Fourth-quarter net revenue was $4.35 billion, up 12 percent from 2002's fourth-quarter figure of $3.87 billion. Full-year 2003 revenue was $18.19 billion, up 28 percent from 2002's $14.18 billion. Revenue from the company's real estate services division was $1.59 billion in the fourth quarter, up 6 percent from $1.5 billion the same quarter in 2002. Earnings before interest, taxes, depreciation and amortization, or EBITA, climbed 7 percent in the fourth quarter ...