* 3rd-qtr adjusted profit $17.30/shr vs estimate $16.15
* CEO of Booking.com unit to lead company
Nov 7 Priceline.com, the online travel
agency known for its name-your-own price auction, posted a
higher-than-expected quarterly profit on Thursday as bookings
The company also said that Darren Huston, chief executive of
its biggest unit Booking.com B.V., would become president and
CEO of Priceline.com on Jan. 1. Current Priceline CEO Jeffery
Boyd will stay on as chairman of the board, Priceline said.
"We feel like we're gaining share in major distribution
channels and performing very well in that environment," Boyd
said in an interview.
Bookings, the value of all travel services purchased, rose
nearly 38 percent to $10.8 billion.
Boyd said the travel research channel was getting more
"Companies like Trivago, TripAdvisor and our
business Kayak are starting to get more active advertising on
television both here in the United States and overseas," he
Net income was nearly $833 million, or $15.72 a diluted
share, in the third quarter, compared with $596.6 million, or
$11.66 a share, a year earlier.
Adjusted for special items, third-quarter profit was $17.30
a share, compared with $16.15 expected by analysts on average,
according to Thomson Reuters I/B/E/S.
Advertising spending tied to Booking.com television ads in
the United States as well as other campaigns and an expected
Dutch payroll tax were expected to pressure fourth-quarter
results, the company said.
Priceline forecast profit of $7.80 to $8.30 a share for the
current quarter. Analysts, on average, expect $8.27 a share.
Shares of the company were up about 1 percent in after-hours
trade following its earnings announcement.