Priceline.com swings to 1Q profit on jump in bookings
Thursday May 8, -- Online travel company Priceline.com Inc. said Thursday it swung to a first-quarter profit, as gross travel bookings and international revenue surged.
After the payment of preferred dividends, Priceline.com earned $18.2 million, or 37 cents per share, compared with a loss of $16.3 million, or 44 cents per share, for the same quarter in 2007.
Adjusted net income, which excludes one-time gains and charges, rose to $37.3 million, or 76 cents per share, from $17.4 million, or 43 cents per share, in the year-ago period.
Total revenue rose 34 percent to $403.2 million from $301.4 million in the 2007 quarter.
The results beat Wall Street predictions. Analysts polled by Thomson Financial expected a profit of 60 cents per share on $377.2 million in revenue. Analysts typically exclude one-time items from their estimates.
Gross travel bookings, which refers to the total dollar value including taxes and fees of all travel services purchased by consumers, rose 76 percent to $1.76 billion. International revenue more than doubled to $104.2 million.
Priceline.com shares jumped $16.95, or 13.7 percent, to $140.73 in aftermarket electronic trading, from their close at $123.78 in the regular session.