Industry News

Cendant: profit down because of hurricanes

Revenue up thanks to real estate, hospitality services

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Real estate franchise giant Cendant Corp. today said its quarterly profit declined because of hurricane-related travel disruptions in the United States. The New York-based owner of the Century 21 real estate brand, among other divisions including travel services, reported third-quarter net income of $514 million, or 44 cents a share, compared with $593 million, or 47 cents a share, a year earlier. Analysts had predicted 46 cents a share. Revenue totaled $5 billion, an increase of 12 percent over third quarter 2004, reflecting growth in the Company's core real estate and travel services businesses, the company said. "Revenue and EBITDA increased due to growth in all of our real estate services businesses," the company said in a press release. Cendant's real estate services consist of real estate franchise brands, brokerage operations, relocation services and settlement services. Fourth-quarter earnings from core operations, before interest, tax, depreciation and amortization, excludin...