Cendant Corp., the largest U.S. travel and real estate services company, said first-quarter profit fell 9.6% as a slowing economy and looming war in Iraq led to a drop in its travel businesses. The firm also cut its forecast for 2003.
Net income fell to $309 million, or 30 cents a share, from $342 million, or 34 cents, a year earlier. Revenue rose 56% to $4.1 billion. For 2003, Cendant said it will earn $1.35 to $1.37 a share.
Cendant shares fell 11 cents to $12.98 on the NYSE.