http://www.Stock-Trading.mobi Technical Analysis (PCLN) 52 Week High Breakout Priceline Earnings Huge Spike After Hours Trading. PCLN Priceline.com beats by $0.36, beats on revs; guides Q4 EPS above consensus, revs above consensus
Reports Q3 (Sep) earnings of $5.33 per share, $0.36 better than the Thomson Reuters consensus of $4.97; revenues rose 37.1% year/year to $1 bln vs the $0.97 bln consensus. Co issues upside guidance for Q4, sees EPS of $2.91-3.06 vs. $2.68 Thomson Reuters consensus; sees Q4 revs growth of 31-36% (~$709-736 mln) vs. $689.35 mln Thomson Reuters consensus; sees gross total bookings growth of 36-41%.
Priceline.com Incorporated (Nasdaq:PCLN - News) today reported 3rd quarter 2010 financial results for the Priceline Group of Companies. Third quarter gross travel bookings for the Group, which refers to the total dollar value, generally inclusive of all taxes and fees, of all travel services purchased by consumers, were $4.0 billion, an increase of 47.1% over a year ago.
The Group had revenues in the 3rd quarter of $1.0 billion, a 37.1% increase over a year ago. International operations contributed revenues in the 3rd quarter of $531.0 million, a 67.6% increase versus a year ago (approximately 80% on a local currency basis). The Group's gross profit for the 3rd quarter was $666.2 million, a 53.5% increase from the prior year. International operations contributed gross profit in the 3rd quarter of $529.8 million, a 67.6% increase versus a year ago (approximately 80% growth on a local currency basis). The Group's operating income in the 3rd quarter 2010 was $336.8 million, a 67.8% increase from the prior year. The Group had GAAP net income for the 3rd quarter of $223.0 million or $4.41 per diluted share, which compares to $319.0 million or $6.42 per diluted share in the same period a year ago. Net income for the 3rd quarter 2009 was positively affected by a $181.9 million non-cash tax benefit from reversing a portion of the valuation allowance related to the Group's net operating loss carry forwards.
Non-GAAP net income in the 3rd quarter was $272.3 million, a 57.1% increase versus the similar period in the prior year. Non-GAAP net income per diluted share was $5.33, compared to $3.45 per diluted share a year ago. First Call analyst consensus for the 3rd quarter 2010 was $4.97 per diluted share. Non-GAAP EBITDA for the 3rd quarter was $362.5 million, an increase of 61.4% over the prior year. The section below entitled "Non-GAAP Financial Measures" provides a definition and information about the use of non-GAAP financial measures in this press release and the attached financial and statistical supplement reconciles non-GAAP financial information with the Group's financial results under GAAP.
"We are pleased by the Group's strong performance in the 3rd quarter" said Jeffery H. Boyd, President and CEO. "Increased gross travel bookings were driven primarily by our worldwide hotel business, which had a 54% increase in room nights booked. Transaction growth in core Western European and North American markets, ADR improvement and an increasing contribution from high growth new markets led to a sequential increase in the Group's gross travel bookings growth."
Mr. Boyd continued, "Rental car unit sales also contributed to bookings growth with 97% growth in days booked, driven by the strong performance of TravelJigsaw, our recently acquired international rental car business, and a 23% increase in domestic unit sales. Airline ticket sales were down 5% in the quarter as demand was impacted by reduced capacity and higher airfares."
Looking forward, Mr. Boyd said, "We believe the Group is benefiting from cyclical improvements in the travel economy, including an easing of immediate fears relating to Eurozone sovereign debt, an increasing contribution from fast-growing new markets, particularly non-core Europe and Asia/Pacific, and continued innovation and execution by our teams around the world to build hotel supply, content, distribution and improve the customer experience. We believe the scale of our international hotel business and the talent and commitment of our people position the Group well to continue building share and navigate changes in our markets in the future."
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