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Cendant Cuts Earnings Outlook

The company cites weakness in the travel market.
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reportedly posted a first-quarter profit of $309 million and cut its full-year earnings outlook amid weakness in the travel market.

The real-estate and travel company reported per-share earnings for the quarter of 30 cents, reports said. Wall Street analysts had forecast that Cendant would earn 29 cents a share. Revenue rose to $4.10 billion from $2.62 billion.

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Cendant reportedly lowered its earnings forecast for the year to $1.35 to $1.37 a share, from a previously forecast $1.46 a share. The travel industry has taken a hit amid the war in Iraq and fears about the pneumonia-like illness known as severe acute respiratory syndrome, or SARS.

Shares of Cendant, which reported its earnings after the bell Monday, ended down 0.8% at $12.98.