Priceline Group Beats but Guides Lower
Priceline Group (PCLN) reported 1st Quarter March 2017 earnings of $9.99 per share on revenue of $2.4 billion. The consensus earnings estimate was $8.94 per share on revenue of $2.4 billion. The Earnings Whisper number was $9.13 per share. Revenue grew 12.6% on a year-over-year basis.
The company said it expects second quarter earnings of $13.30 to $14.00 per share. The current consensus earnings estimate is $15.02 per share for the quarter ending June 30, 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 1st Quarter 2017
NORWALK, CT – May 9, 2017. . . The Priceline Group Inc. (NASDAQ: PCLN) today reported its 1st quarter 2017
financial results. First 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 $20.7 billion, an increase of 24% over a year ago
(approximately 27% on a constant-currency basis).
The Group's gross profit for the 1st quarter was $2.3 billion, a 16% increase from the prior year (approximately 17%
on a constant-currency basis). International operations contributed gross profit in the 1st quarter of $2.0 billion, a
17% increase versus a year ago (approximately 19% on a constant-currency basis). Net income in the 1st quarter
was $456 million, a 22% increase versus the prior year. Net income was $9.11 per diluted share, a 22% increase as
compared to the prior year.
Non-GAAP net income in the 1st quarter was $494 million, a 7% increase versus the prior year. Non-GAAP net
income was $9.88 per diluted share, a 7% increase compared to $9.20 per diluted share a year ago. Adjusted
EBITDA for the 1st quarter 2017 was $635 million, a 4% increase versus a year ago. The section below entitled
"Non-GAAP 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 is off to a strong start in 2017 with solid growth in room nights and rental car days booked,"
said Glenn Fogel, Chief Executive Officer of the Priceline Group. "Globally, our brands booked over 173 million
room nights during the quarter, up 27% over the same period last year. Booking.com continues to extend its
accommodations network, with over 1.2 million properties on its platform, including hotels, homes and apartments,
up 36% over last year. Our rental car business grew rental car days by 15% over the 1st quarter of last year, an
acceleration from 14% in the 4th quarter."
Mr. Fogel further commented: "Our brands executed well in the quarter, delivering strong performance while
making smart and sustainable investments to support future growth and to ensure we provide the best possible
experience for our customers."
For the full press release, please go here.