Priceline.com Beats Estimates, Shares Up 5.6% (PCLN)
November 08, 2010 7:07 PM
Priceline.com Incorporated (Nasdaq: PCLN) late on Monday released financial results that beat Wall Street expectations.
Priceline.com Incorporated reported that its 3rd quarter net income fell to $223 million, or $4.41 per share, down from $319 million, or $6.42 per share, a year earlier.
Excluding special items, the company earned $5.33 per share.
Revenue climbed to $1 billion, up from $730.66 million a year earlier.
A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of $4.97 per share, on revenue of $973.63 million.
President and CEO Jeffery H. Boyd said, "We are pleased by the Group's strong performance in the 3rd quarter. 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."
Priceline.com Incorporated (PCLN) ended the Monday trading session at $388.58 per share, then rose 5.6% to $410.59 during after hours trading. Analysts covering the company's stock have a consensus price target of $366.29 per share.
Read more from Benzinga's Company news.
