Cendant Reports a Tripling OfEarnings
NEW YORK - (10/25/04) -- Diversified marketer and mortgagebanker Cendant Corp. said last week third quarters earnings tripledto $593 million, or 56 cents a share. The prior year's thirdquarter earnings were hampered by a $293 million charge on thecompany's investment in Trilegiant Corp. Total third quarterrevenues rose 6% to $5.36 billion. Earnings for the company'smortgage segment, which it plans to spin off to shareholders,declined by 50% to $55 million, as revenues for the unit fell 31%to $283 million. The mortgage unit, formerly known as PHH, providesmortgage banking services to hundreds of credit unions. Through thefirst three quarters revenues increased 9% to $14.8 billion; whilenet income doubled to $1.7 billion, or $1.69 a share.