(Source: Associated Press/AP Online)
CHICAGO - 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.
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