Orbitz Beats, Stock Jumps

Nov.12.07 | About: Orbitz Worldwide, (OWW)

Online travel site Orbitz Worldwide reported a loss after the bell Monday, stemming from the company's IPO costs when it went public in July. Orbitz lost $32 million ($0.38/share) compared to a loss of $9 million last year. However, excluding items such as the $32 million IPO charge, the company earned $43 million ($0.23/share), well ahead of analysts' projections of $35 million ($0.13/share). Revenue jumped 20% to $221 million, also beating analysts' forecasts of $211.8 million. Steve Barnhart, CEO of Orbitz, said, "Our third quarter 2007 financial performance improved sharply over 2006 levels... Our international businesses and CheapTickets posted particularly strong year-over-year revenue growth." Third-quarter travel bookings climbed 11% to $2.6 billion. Orbitz shares, which fell 4.7% in Monday's trading session, increased 8.7 % in after-hours trading to $8.29.

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