priceline.com (PCLN) Shares Volatile as Q4 Guidance Doesn't Match Q3 Blow-Out
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Price: $1,905.64 --0%
Financial Fact:
Foreign currency transactions and other: -4.43M
Today's EPS Names:
FRSB, DGICA, UXIN, More
Financial Fact:
Foreign currency transactions and other: -4.43M
Today's EPS Names:
FRSB, DGICA, UXIN, More
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Shares of priceline.com (Nasdaq: PCLN) are swinging from negative to positive territory after hours Monday as investors are weighing strong third-quarter results which was paired with seemingly weaker-than-expected fourth-quarter guidance.
The discount online travel service reported third-quarter revenue of $1.5 billion, up 45 percent from last year and better than the analyst consensus of $1.42 billion.
Non-GAAP net income in the quarter rose 88 percent to $512.6 million, or $9.95 per share. This easily beat the Wall Street consensus of $9.30.
"The Group's businesses all enjoyed a strong 3rd quarter," said Jeffery H. Boyd, President and Chief Executive Officer of the Priceline Group. "Our global hotel nights grew by 47% over last year, reflecting moderate deceleration from the 2nd quarter. We believe our retail hotel businesses at Booking.com, Agoda and priceline.com continued to take meaningful share in their respective markets during the quarter, though our Name Your Own Price hotel business is challenged by increasing competition in the discount space."
Looking toward the fourth quarter, the company sees non-GAAP EPS of $4.90-$5.00, versus the consensus of $5.14.
Despite the lower-than-expected bottom line for the fourth quarter, Mr. Boyd wasn't admitting a disappointment. "We are pleased with the solid momentum displayed by our brands in the 3rd quarter results and 4th quarter outlook, especially given the sheer size of the business and the uncertain macro-economic environment in which we are operating."
Shares of priceline.com last traded at $503.67 in after-hours action, down 1 percent from Monday’s close.
After initially trading down about 1 percent, priceline.com shares last traded at $517.10, up more than 1 percent from Monday's close.
The discount online travel service reported third-quarter revenue of $1.5 billion, up 45 percent from last year and better than the analyst consensus of $1.42 billion.
Non-GAAP net income in the quarter rose 88 percent to $512.6 million, or $9.95 per share. This easily beat the Wall Street consensus of $9.30.
"The Group's businesses all enjoyed a strong 3rd quarter," said Jeffery H. Boyd, President and Chief Executive Officer of the Priceline Group. "Our global hotel nights grew by 47% over last year, reflecting moderate deceleration from the 2nd quarter. We believe our retail hotel businesses at Booking.com, Agoda and priceline.com continued to take meaningful share in their respective markets during the quarter, though our Name Your Own Price hotel business is challenged by increasing competition in the discount space."
Looking toward the fourth quarter, the company sees non-GAAP EPS of $4.90-$5.00, versus the consensus of $5.14.
Despite the lower-than-expected bottom line for the fourth quarter, Mr. Boyd wasn't admitting a disappointment. "We are pleased with the solid momentum displayed by our brands in the 3rd quarter results and 4th quarter outlook, especially given the sheer size of the business and the uncertain macro-economic environment in which we are operating."
Shares of priceline.com last traded at $503.67 in after-hours action, down 1 percent from Monday’s close.
After initially trading down about 1 percent, priceline.com shares last traded at $517.10, up more than 1 percent from Monday's close.
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