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Last Update: 10-May-13 07:37 ET
PriceLine shares fall 3% despite beat on earnings
Priceline.com (PCLN $717.27 -20.23) reported first quarter earnings of $5.76 per share, $0.47 better than the Capital IQ consensus of $5.29, while revenues rose 25.6% year/year to $1.3 billion versus the $1.28 billion consensus. Non-GAAP gross profit for the 1st quarter was $1.03 billion, a 38.6% increase from the prior year. Non-GAAP net income in the 1st quarter was $297 million, a 34.6% increase versus the prior year. "Unit growth in the Priceline Group's global hotel business held steady in the 1st quarter at 38% versus the prior year," said Jeffery H. Boyd, Chairman and CEO of The Priceline Group. "International gross bookings growth of 43% in the 1st quarter reflects continued strong performance of our international brands around the world. Domestic gross bookings growth accelerated in the quarter with improving results in our hotel and rental car businesses, aided by the roll out last year of our Express DealsSM semi-opaque service." The Priceline Group said it was targeting the following for 2nd quarter 2013: Year-over-year increase in total gross travel bookings of approximately 30% - 37% (an increase of approximately 27% - 34% on a local currency basis). Year-over-year increase in international gross travel bookings of approximately 36% - 43% (an increase of approximately 33% - 40% on a local currency basis). Year-over-year increase in domestic gross travel bookings of approximately 5% - 10%. Year-over-year increase in revenue of approximately 15% - 22% (Approximately $1.524-1.591 billion Capital IQ consensus $1.636 billion). Year-over-year increase in gross profit of approximately 26% - 33%. Adjusted EBITDA of approximately $560 million to $595 million. Non-GAAP net income per diluted share between $8.87 and $9.45, Capital IQ consensus $9.60
