Orbitz loss grows due to weak U.S. bookings
May 08, 2008 | Online Travel
Orbitz posted a larger first-quarter loss, as higher costs and weak bookings in the U.S. tugged down results. Gross bookings were flat at $2.9 billion, but increased 41 percent internationally, helped by a weak U.S. dollar. Results were especially strong in Asia-Pacific markets, such as Australia and Japan.
For the period that ended March 31, Orbitz, which went public in July, posted a bigger loss of $15 million, or a loss of 18 cents per share, from a loss of $10 million a year earlier. A per share figure was not provided for the year-ago quarter.
Earnings, when adjusted, declined to $21 million, compared with $30 million a year earlier, Orbitz said. Sales rose about 3 percent to $219 million from $212 million a year earlier. Analysts polled by Thomson Financial forecast a 4-cent per share profit and on sales of $213.9 million.
“We anticipated that the first quarter of 2008 would be a difficult comparison against a very strong 2007 first quarter,” Chief Executive and President Steven Barnhart said in a statement.
Get the full story at Yahoo! Finance
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