NEW YORK— Cendant Corp. reported its quarterly profit was up, but hit hard as a wave of refinancing spurred by low interest rates battered its mortgage service business and earned an adjusted profit of $0.28 per share for its third quarter, after taking a charge of $0.17 per share for the revaluation of its mortgage servicing assets, according to a Reuters report. It recorded $250 million in income and reported profit of $0.24 per share from continuing operations before certain items. Cendant, the largest U.S. hotel franchiser, said strength in its Avis car rental and residential real estate businesses offset some of the losses in mortgage services. The company affirmed its forecast for fourth-quarter adjusted earnings from continuing operations of $0.29 per share, and 2002 adjusted earnings of $1.26 per share. Thomson First Call data showed nine industry analysts forecast a $0.28 per-share quarterly profit for Cendant, said the report. The companys net quarterly revenue rose to $3.84 billion from $2.39 billion a year earlier. SOURCE: Reuters
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