KFDA - NewsChannel 10 / Amarillo News, Weather, SportsOrbitz posts profit, gets investments

Orbitz posts profit, gets investments

Posted: Updated:

CHICAGO (AP) - Online-travel company Orbitz Worldwide Inc. said Thursday it turned a profit in the third quarter, after charges hurt results a year earlier.

Separately, the company said it received equity investments totaling $100 million from PAR Investment Partners and Blackstone-controlled Travelport.

Orbitz said it earned $7 million, or 8 cents per share. That fell shy of the profit of 12 cents per share that analysts on average expected, according to a survey by Thomson Reuters. A year ago, Orbitz reported a loss of $287 million, or $3.44 per share, weighed down by a $297 million impairment charge on intangible assets.

Revenue fell 22 percent, to $187 million, while analysts expected $202 million.

Orbitz blamed the revenue drop on the removal of its air-booking fees and a reduction in hotel-booking fees.

Revenue from air and non-air bookings declined, though the company said the total number of air bookings rose 27 percent.

Orbitz fell 50 cents, or 9.2 percent, to $4.91 in morning trading. The shares are up 39 percent for the year.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Komen for the Cure

Visit the Amarillo Chapter and find out more on how YOU can make in Impact.

Weather in the Classroom

Here is where you will find your Weather in the Classroom information.

>Video, Stories and much more.

Find out what and when programs come on NewsChannel 10.

Link to the Official Texas Lottery website to see if you have won!

Powered by WorldNow
All content © Copyright 2000 - 2010 WorldNow and KFDA. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.