Cendant Raises Its Earnings Outlook

Cendant, the travel and residential real estate services company, on Monday raised its fourth-quarter and 2001 earnings forecasts and said it remains confident in its long-term growth outlook.

Cendant, which owns the Avis rental car business, said that it expects to report fourth-quarter adjusted earnings of 21 cents per share and $1.04 per share for the full year. It had previously expected to earn 20 cents per adjusted share.

Wall Street analysts polled by research firm Thomson Financial/First Call expected fourth-quarter earnings of 19 cents a share and $1.02 per share for the full year.

The company also reiterated its 2002 outlook for adjusted earnings of $1.25 per share.

Cendant expects to report 2001 total revenues of $8.74 billion to $8.9 billion and $10.5 billion to $11 billion for 2002. It also expects to have $2 billion in free cash flow next year.