Ctrip.com (CTRP) Tops Q3 EPS by 8c, Beats on Revenues

Ctrip.com (NASDAQ: CTRP) reported Q3 EPS of $0.32, $0.08 better than the analyst estimate of $0.24. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.15 billion.

Key Highlights

• Ctrip reported strong financial results in the third quarter of 2017.
  • Net revenue increased 42% year-on-year to RMB7.9 billion in the third quarter of 2017.
    • Accommodation reservation revenue for the third quarter of 2017 increased 36% year-on-year, primarily driven by an increase in the accommodation reservation volume.
  • Gross margin was 83% for the third quarter of 2017, improving from 78% for the same period of 2016 and 82% for the second quarter of 2017, due to further efficiency gain.
  • Operating margin for the third quarter of 2017 was 17%. Excluding share-based compensation charges, Non-GAAP operating margin for the third quarter of 2017 was 22%, improving from 18% for the same period of 2016, primarily driven by improvements in overall operating efficiency and synergies from the invested companies.
• The Company has continued to strengthen its leading position in lower-tier cities.
  • In the third quarter of 2017, Ctrip brand\'s average DAU grew over 60% year-over-year in second-tier cities.
  • Qunar\'s hotel revenue in the third- and fourth-tier cities has maintained over 80% growth rates in three consecutive quarters this year.
  • In the third quarter of 2017, Ctrip and Qunar opened 100 offline stores across China and we will continue to expand our store network going forward.
• Ctrip's international businesses have sustained robust growth momentum.
  • International air ticketing maintained robust volume growth in the third quarter of 2017, and the tickets sold by our International Business Unit continued to grow impressively at a triple-digit percentage rate.

For earnings history and earnings-related data on Ctrip.com (CTRP) click here.

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