Orbitz shares soar after 2Q earnings report

Shares of Chicago-based Orbitz Worldwide Inc. hit their highest price in about six years Thursday, after the online travel company reported a jump in hotel room nights and revenue that topped analyst expectations.

The company said Thursday its net income fell to $561,000 in the three months that ended June 30. That equated to flat earnings on a per-share basis. A year ago, it earned $4.6 million, or 4 cents per share, in the quarter.

Orbitz said the latest earnings included an $18.1 million write-off of deferred financing fees and other refinancing costs.

Revenue climbed more than 12 percent to $225.8 million due, in part, to higher hotel and vacation package sales.

That beat analyst expectations for $219 million, according to FactSet.

Gross bookings rose 4 percent compared to last year’s quarter, due in part to higher air fares and higher average booking values per hotel and vacation package. The number of stayed hotel room nights jumped 20 percent in the quarter.

Company shares jumped 35.3 percent, or $3.26, to $12.49 in Thursday afternoon trading, while the Standard & Poor’s index climbed less than 1 percent. The shares rose as high as $13.26 earlier in the session, or the company’s highest price since the stock reached $13.30 in August 2007.