Orbitz beats 3Q expectations, raises outlook
November 04, 2011 | Online Travel
Orbitz reported better-than-expected quarterly results, helped by growth in its non-air travel revenue, and raised its full-year revenue outlook. However, bookings at the company's domestic business, which contributes about 70 percent of total revenue, fell 4 percent.
In the third quarter, total value of its bookings rose 1 percent to $2.85 billion, driven by a 31 percent rise in international bookings.
Revenue from Orbitz's non-air business -- which includes standalone hotel, vacation package, advertising and media -- rose about 8 percent to $139 million.
However, bookings at the company's domestic business, which contributes about 70 percent of total revenue, fell 4 percent, marking a steep decline from the 12 percent growth it posted in the year-ago period.
"They are facing a little bit of challenges on air tickets, which is somewhat similar to what Expedia Inc had. So that is kind of weighing the results, offset by strong hotel growth," Wedbush Securities analyst Edward Woo said.
Get the full story at Reuters
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