Priceline gross bookings grow 21% in first quarter
Priceline registered gross travel bookings increase of 21% to $16.7 billion in the first quarter of 2016
Priceline reported its 1st quarter 2016 financial results with gross travel bookings at $16.7 billion, an increase of 21% over a year ago (approximately 26% on a constant currency basis).
The Group's gross profit for the 1st quarter was $2.0 billion, a 21% increase from the prior year (approximately 27% on a constant currency basis). International operations contributed gross profit in the 1st quarter of $1.7 billion, a 23% increase versus a year ago (approximately 31% on a constant currency basis). Adjusted EBITDA for the 1st quarter 2016 was $676 million, an increase of 27% versus a year ago.
“The Priceline Group delivered strong top line growth and attractive margins in the first quarter,” said Jeffery H. Boyd, Chairman and Interim Chief Executive Officer of The Priceline Group. “Growth in room night reservations of 31% reflects continued solid execution in the market for global travel.”
Looking forward, Mr. Boyd said, “The Group is looking forward to continued investments in product, service and branding that will drive long-term growth for our leading brands.”
The Priceline Group said it was targeting the following for 2nd quarter 2016:
• Year-over-year increase in room nights booked of approximately 15% - 22%.
• Year-over-year increase in total gross travel bookings of approximately 11% - 18% (an increase of approximately 11% - 18% on a constant currency basis).
• Year-over-year increase in revenue of approximately 7% - 14%.
• Year-over-year increase in gross profit of approximately 9% - 16% (an increase of approximately 9% -16% on a constant currency basis).
• Adjusted EBITDA of approximately $740 million to $795 million.
• Non-GAAP net income per diluted share between $11.60 and $12.50.