Priceline profit jumps on bookings; shares jump
CHICAGO (Reuters) - Online travel agency Priceline.com Inc (PCLN.O) said on Thursday its profit more than doubled as international bookings surged, sending its shares up nearly 10 percent.
Profit rose to $32.7 million, or 68 cents per share, from $13.2 million, or 33 cents per share, a year earlier.
Priceline's income, excluding special items, was 96 cents per share, beating Wall Street analysts' average forecast on that basis of 84 cents per share, according to Reuters Estimates.
The company said its travel bookings increased 62 percent overall to $1.2 billion. Its bookings for international travel increased by 113 percent.
Priceline forecast a further increase in its bookings of 60 percent to 65 percent for the first quarter of 2008. For full- year 2008, Priceline expects to generate about $7 billion to $7.3 billion in travel bookings.
The jump speaks well of demand, even as U.S. economic data suggest a recession may be coming, said Jeffery Boyd, Priceline's chief executive. Growth in international bookings was especially strong, he told Reuters.
"Internationally, our business continued to grow at very rapid rates," Boyd said.
Revenue rose 22 percent to $334.9 million.
The online travel business has been booming, but as growth in domestic bookings plateaus, companies such as Priceline are looking to Europe and Asia for growth opportunities.
The company's shares gained $9.77, or 9.6 percent, after hours to trade at $112, after closing at $102.23.
(Reporting by Kyle Peterson; Editing by Andre Grenon/Gary Hill)
