Priceline Rises as Profit Tops Estimates on Europe Sales |
| Bloomberg - Nov 2, 2012 |
Priceline.com Inc. (PCLN), the most valuable online-travel agency, rose the most in two years after reporting profit that topped analysts’ estimates as consumers flocked to the site, assuaging concerns that Europe’s financial crisis would crimp demand.
Third-quarter net income jumped 27 percent to $596.6 million, or $11.66 a share, from $469.5 million, or $9.17, a year earlier, the Norwalk, Connecticut-based company said yesterday in a statement. Analysts had predicted per-share profit of $10.90, according to data compiled by Bloomberg.
Through its acquisition of Amsterdam-based Booking.com in 2005, Priceline has beaten rivals in expanding across Europe, where online-hotel bookings were slower to emerge than in the U.S. While Priceline’s forecast in August trailed estimates because turmoil in Europe curtailed reservations in the region, the company has won business from those continuing to travel.
“Our forecast for the third quarter assumed that macroeconomic conditions will deteriorate further,” Daniel Finnegan, Priceline’s chief financial officer, said on a call with analysts yesterday. “We were pleasantly surprised to see conditions in Europe stabilize at least for the time being.”
Read Full Article from Bloomberg
- Posted: 2012-11-02 15:39:39
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