Priceline.com (PCLN) continues to awe and amaze - cannot believe I sold this one in the $200s a few years back thinking it had run its course. The chart below is deceiving as the stock fell 7.4% to $483 during regular hours and is currently trading in the mid $530s in after hours.
The company absolutely demolished analysts estimates of $4.87 by 62 cents! ($5.49)
Revenue rose 44% to $1.1 billion. (International sales skyrocketed 90% to $612 million)
Bookings rose 70%.
Guidance for next quarter was superlative - $9.10 to $9.30 versus analysts' $7.94.
“The Group benefitted from strong second quarter performances by our global hotel and rental car businesses,” said Jeffery H. Boyd, President and Chief Executive Officer of the Priceline Group. “Global hotel room nights increased 56% compared to last year, while global rental car days were up 55% for the two nd quarter. In general, our hotel booking business is benefitting from improving ADRs, continuing strength in our core markets, and high rates of growth in new markets, particularly Asia-Pacific, where both Booking.com and Agoda are performing well.”