said its quarterly profit rose because of acquisitions, but that a wave of refinancing amid low interest rates hit its mortgage-service business.
The New York-based real-estate and travel-services firm posted a third-quarter net profit of $250 million, or 24 cents a share, up from a year-earlier neat of $210 million, or 23 cents a share. The company earned an adjusted profit of 28 cents a share, after taking a charge of 17 cents a share to write down its mortgage-servicing assets.
Strength in the Avis car rental and residential real-estate businesses offset some of Cendant's mortgage-services losses.
The company also said it plans to shift its focus away from acquisitions. It will buy back $200 million of its own shares, and said much of its cash will go toward stock repurchases and debt reduction.