On Monday, Orbitz Worldwide (OWW) reported a first-quarter loss, but topped Wall Street revenue expectations. Investors were less than enthusiastic, however, sending OWW stock down more than 3% in morning trading.
OWW stock fell after Orbitz posted a quarterly loss of $5.9 million. OWW attributed the loss to release of a $157.5 million valuation allowance in its 2013 U.S. federal deferred tax assets. In the prior-year period, OWW earned $146.2 million. EPS showed a loss of 5 cents, wider than the 2-cent loss that analysts had anticipated, the Wall Street Journal noted.
Quarterly revenue of $210.3 million was up 3.7% from the year-ago period and beat the $206.5 million that analysts had estimated.
OWW also said that gross bookings had risen to $3.18 billion, a 3% year-over-year increase.
On Friday, OWW stock closed at $7.42 a share.
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