NEW YORK – Cendant Corp. (CD) Wednesday posted an 80 percent jump in quarterly profit on strong performance in its core residential real estate and travel business, prompting it to raise its outlook for the full year.
The New York-based travel, lodging and real estate services company reported a second-quarter profit of $691 million, or 47 cents a share, compared with $382 million, or 37 cents a share, a year earlier.
Wall Street analysts on average had expected the company to earn 46 cents a share, according to Reuters Estimates. Second-quarter revenues of $5.2 billion beat analysts' expectations of $5 billion.
Cendant, which owns Avis (search) car rental, Days Inn (search) and the Century 21 (search) real estate brand, raised its full-year profit forecast to a range of $1.70 to $1.74 per share, up from its previous guidance of $1.65 to $1.70 per share, reflecting the discontinuation of Jackson Hewitt.
Cendant shares closed 23 cents lower at $23.95 on the New York Stock Exchange Wednesday before its quarterly results were released.