Via earnings report:
- The Group had revenues in the 1st quarter of $809.3 million, a 38.5% increase over a year ago. The Group's international operations contributed revenues in the 1st quarter of $389.1 million, an 80% increase versus a year ago (approximately 79% on a local currency basis).
- The Group's gross profit for the 1st quarter was $505.8 million, a 58.5% increase from the prior year. International operations contributed gross profit in the 1st quarter of $388.2 million, an 81% increase versus a year ago (approximately 79% growth on a local currency basis).
- Non-GAAP net income in the 1st quarter was $137.0 million, a 57.1% increase versus the prior year. Non-GAAP net income was $2.66 per diluted share, compared to $1.70 per diluted share a year ago. First Call analyst consensus for the 1st quarter 2011 was $2.44 per diluted share.
- "In the 1st quarter, the Group benefitted from strong growth in our global hotel business, particularly at Booking.com and Agoda," said Jeffery H. Boyd, Priceline President and Chief Executive Officer. "Room nights booked grew by 55.8% and our international gross bookings grew by 79% compared to prior year first quarter. The Group's hotel business continues to benefit from improving ADRs, a continuing shift from offline to online bookings, increased penetration of core European and North American markets and outstanding growth in new markets throughout the Asia-Pacific region and South America."
- "The Group's global rental car operations grew rental car days booked by 64.7% in the 1st quarter 2011 as compared to the prior year. A significant portion of this growth can be attributed to the Group's acquisition of TravelJigsaw and its international car hire operations, which continues to grow at impressive rates. Priceline.com's airline ticketing business returned to positive growth in the 1st quarter, with a 2.1% gain in ticket sales and improving growth in opaque ticket sales."
The Priceline Group said it was targeting the following for 2nd quarter 2011:
- Year-over-year increase in total gross travel bookings of approximately 53% - 58%.
- Year-over-year increase in international gross travel bookings of approximately 76% - 81% (an increase of approximately 53% - 58% on a local currency basis).
- Year-over-year increase in domestic gross travel bookings of approximately 8% to 13%.
- Year-over-year increase in revenue of approximately 36% to 41%.
- Year-over-year increase in gross profit of approximately 57% to 62%.
- Non-GAAP EBITDA of approximately $310 million to $320 million.
- Non-GAAP net income of between $4.70 and $4.90 per diluted share.
[Feb 24, 2011: Priceline.com Delivers Again]
[Aug 3, 2010: Priceline Rides Foreign Markets for Huge Earnings Beat]
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[Feb 18, 2010: Priceline.com - Another Stellar Earnings Report]
[Nov 10, 2009: Priceline.com Hits an Earnings Home Run]
[Aug 10, 2009: Priceline.com - Recession Recsmession! Continued Impressive Results]
[May 14, 2009: Priceline.com in Investors Business Daily]
[May 11, 2009: Priceline.com Continues to Execute Well]
[Feb 19, 2009: Priceline.com Impresses on Earnings]
[Aug 6, 2008: Priceline.com - Down 17% on Good Earnings?]
[May 8, 2008: 2 Earnings Reports of Note: AIG (AIG) and Priceline (PCLN)]