Orbitz Posts Jump in Quarterly Profit

Orbitz Inc., the Internet travel agency that is being bought by Cendant Corp., posted a 30% jump in third-quarter profit, aided by a surge in hotel business.

Chicago-based Orbitz said net income rose to $5.1 million, or 12 cents a share, from $3.9 million, or 10 cents a share, a year ago. The most recent quarter included several one-time items: a noncash charge of $1.4 million for restructuring; $4.2 million in expenses from the Cendant deal; and a $967,000 reversal of tax-related expenses.

Excluding these items, Orbitz earned $9.7 million, or 22 cents a share. Revenue rose 20% to $77.5 million from $64.4 million a year earlier.

* Reliant Energy Inc., the largest independent electricity retailer, had a $345-million third-quarter profit after a net loss a year earlier when the company wrote down the value of power plants purchased in 2002. Net income was $1.04 a share, compared with a net loss of $916.3 million, or $3.11. Sales fell 24% to $2.81 billion.

* Duke Energy Corp., the largest U.S. utility owner, said third-quarter profit jumped almost eightfold as losses narrowed at its wholesale power unit. Net income rose to $389 million, or 41 cents a share, from $49 million, or 5 cents, a year earlier. Sales fell less than 1% to $5.51 billion.

* Polo Ralph Lauren Corp. posted a 49% jump in profit for its fiscal second quarter as sales of women’s and children’s clothing helped results. The company reported net income of $80.4 million, or 78 cents a share, for the period ended Oct. 2, compared with $54 million, or 54 cents, a year earlier.

* Estee Lauder Cos. said first-quarter profit rose 23%, topping analysts’ estimates, helped by higher sales in overseas markets and new lines of makeup at Kohl’s Corp. stores in the U.S. Net income increased to $95 million, or 41 cents a share, from $77 million, or 33 cents, a year earlier. Sales in the period ended Sept. 30 rose 12% to $1.5 billion.

* BMW said third-quarter profit rose 7.6% as the new 5-Series cars and X3 sport utility vehicles lured customers from DaimlerChrysler’s Mercedes-Benz. Net income rose to 479 million euros ($611 million), or 71 cents a share, up from 445 million euros, or 66 cents. Sales rose 6.3% to 10.6 billion euros.

* Energizer Holdings Inc., the No. 2 U.S. battery maker, said fourth-quarter profit rose 83% as hurricanes in the Southeastern U.S. spurred sales. Net income increased to $60.3 million, or 77 cents a share, from $33 million, or 38 cents, a year earlier when the purchase of the Schick Wilkinson Sword razor unit added costs. Sales in the quarter ended Sept. 30 rose 7% to $756.2 million.

* General Mills Inc. said it would restate its earnings per share for the year ended in May because of a change in an accounting rule that would also weigh on those results in the current year.