Tags: Priceline | Forecasts | Earnings | Top | Analysts | Estimates

Priceline.com Forecasts Earnings That Top Analysts’ Estimates

Thursday, 24 Feb 2011 02:01 PM

Priceline.com Inc., the world’s largest online travel agency by market value, forecast first- quarter earnings that topped analysts’ estimates on projections that travel bookings will increase as much as 50 percent.

Profit this quarter, excluding some items, will be $2.34 to $2.44 a share, the company said today in a statement. Analysts on average predicted $2.30, according to a Bloomberg survey. Sales will grow at least 29 percent from a year earlier, to $753.9 million, compared with estimates of $731.9 million.

The e-commerce company, which offers airfare, hotel bookings, vacations and car rentals, said total travel bookings will increase 45 to 50 percent this quarter from a year earlier. International bookings will rise as much as 69 percent, the company said.

Priceline, based in Norwalk, Connecticut, rose as much as 7 percent to $456 in extended trading. The shares dropped $7.79 to $425.99 at 4 p.m. New York time on the Nasdaq Stock Market. The shares have climbed 6.6 percent this year.

Fourth-quarter net income rose 73 percent to $135.7 million, or $2.66 a share, from $78.5 million, or $1.55, a year earlier. Excluding one-time items, profit was $3.40 a share, exceeding the $3.10 average of estimates compiled by Bloomberg. Sales rose 35 percent to $731.3 million.

© Copyright 2015 Bloomberg News. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved