Priceline Group Beats but Guides Lower
Priceline Group (PCLN) reported 3rd Quarter September 2017 earnings of $35.22 per share on revenue of $4.4 billion. The consensus earnings estimate was $34.31 per share on revenue of $4.3 billion. The Earnings Whisper number was $34.39 per share. Revenue grew 20.1% on a year-over-year basis.
The company said it expects fourth quarter earnings of $13.40 to $14.00 per share. The current consensus earnings estimate is $15.62 per share for the quarter ending December 31, 2017.
Priceline Group Inc
is a provider of online travel and travel related reservation and search
services. The Company offer consumers accommodation reservations through its
Booking.com, priceline.com and agoda.com brands.
The Priceline Group Reports Financial Results for 3rd Quarter 2017
NORWALK, CT – November 6, 2017. . . The Priceline Group Inc. (NASDAQ: PCLN) today reported its 3rd quarter
2017 financial results. Third quarter gross travel bookings for The Priceline Group (the "Company," the "Group,"
"we," "our" or "us"), which refers to the total dollar value, generally inclusive of taxes and fees, of all travel
services booked by its customers, net of cancellations, were $21.8 billion, an increase of 18% over a year ago
(approximately 16% on a constant-currency basis).
The Group's gross profit for the 3rd quarter was $4.4 billion, a 22% increase from the prior year (approximately 19%
on a constant-currency basis). International operations contributed gross profit in the 3rd quarter of $4.0 billion, a
23% increase versus a year ago (approximately 20% on a constant-currency basis). Net income in the 3rd quarter
was $1.7 billion, a 240% increase versus the prior year, which included a $941 million goodwill impairment charge.
Net income was $34.43 per diluted share, a 240% increase as compared to the prior year.
Non-GAAP net income in the 3rd quarter was $1.8 billion, a 19% increase versus the prior year. Non-GAAP net
income was $35.22 per diluted share, a 19% increase compared to $29.69 per diluted share a year ago. Adjusted
EBITDA for the 3rd quarter was $2.2 billion, an 18% increase versus a year ago. The section below entitled "NonGAAP
Financial Measures" provides definitions and information about the use of non-GAAP financial measures in
this press release, and the attached financial and statistical supplement reconciles non-GAAP financial information
with the Group's financial results under GAAP.
"The Priceline Group delivered solid growth and operating results during our seasonally busy third quarter," said
Glenn Fogel, Chief Executive Officer of The Priceline Group. "Globally, our accommodation business booked 178
million room nights in the third quarter, up 19% over the same period last year. Booking.com showed continued
momentum with approximately 1.5 million properties on its platform, up 41% over last year. This represents 26.9
million potentially bookable rooms, which we believe to be the largest, and most diverse, selection of instantly
bookable accommodations in the world."
Looking forward, Mr. Fogel said, "As we look to the fourth quarter and beyond, we will continue to focus on
making the right investments across our brands - in people, systems, and marketing - to continue to grow our
business for the long term."
For the full press release, please go here