November 12, 2007 / 9:52 PM / 10 years ago

RPT-UPDATE 1-Orbitz posts quarterly net loss on IPO charge

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CHICAGO, Nov 12 (Reuters) - Orbitz Worldwide OWW.N, which became a publicly traded company in July, on Monday posted a third-quarter net loss due largely to a charge related to its initial public offering.

The company, formerly a unit of Travelport, said its third-quarter loss was $32 million, or 38 cents per share, compared with $9 million a year earlier.

Excluding items, including a $32 million IPO related charge, Orbitz said it earned $43 million, or 23 cents per share, compared with the $35 million that analysts were expecting, according to Reuters Estimates.

On that basis, Orbitz had been expected to earn 13 cents per share.

The company linked its increased adjusted profit to robust travel bookings, particularly from international operations. Orbitz said its third-quarter travel bookings increased 11 percent to $2.6 billion.

The on-line travel agency’s stock closed down 4.74 percent at $7.63 on the New York Stock Exchange.

Orbitz, which was spun off from Blackstone Group, in July launched its shares near $15. The stock has fallen some 50 percent since its launch.

The company previously was owned by Cendant Corp.

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