Industry News

Cendant reports growth in real estate operations

Stock gains exceed expectations

Cendant Corp. Monday announced record first quarter earnings of 42 cents per share, 40 percent higher than the 30 cents per-share earnings the corporation reported in first quarter of 2003.   Cendant's totals exceeded its previous earnings expectation, announced in late March, of 41 cents per share, and its prior projection of 37-38 cents per share.   "We are very encouraged by our first-quarter performance," Henry R. Silverman, Cendant CEO, president and chairman of the board, said in a statement. "Improving travel trends and continued strength in residential real estate, coupled with superb execution by our management team, enabled our business units to outperform our original expectations, and to overcome a significant negative year-over-year comparison in our Mortgage Services segment."   Cendant's stock, traded on the New York Stock Exchange, has increased in value from $12.68 to $25.05 per share in the past year.   Cendant's real estate franchise and operation...