U.S. online travel company Priceline (PCLN) released its 2012 first quarter financial report showing its travel bookings increased by 43.9% to $6.7 billion, represting an increase of 43.9% compared to a year ago,
Priceline booked $1 billion in revenues for the first quarter, representing an increase of 28.2% compared to a year ago. International revenues reached $617 million, an increase of 58.5% compared to the same period of the prior year (an increase of 65% on the basis of the local currencies); the first quarter gross profit reached $743 million, an increase of 47.0%. International business gross profit was $617 million, an increase of 58.8% (an increase of 65% on the basis of the local currencies); the first quarter operating profit was $242 million, an increase of 56.8%; on the basis of the U.S. GAAP, net profit reached $182 million and diluted earnings per share was $3.54, compared to last year same period’s $105 million, or diluted earnings per share of $2.05.
Non-U.S. GAAP first quarter net profit was $221 million, an increase of 61.2%. Non-U.S. GAAP diluted earnings per share was $4.28, compared to the year 2011 same period’s $2.66 per share. Non-US GAAP EBIT reached $ 272 million, an increase of 56.5% versus the prior year.
Priceline president and CEO CEO Jeffery H. Boyd said the first quarter hotel bookings had reached 46 million room nights, up 47% compared to the same period of last year. The total international bookings increased by 54% (an increase of 58% on the basis of the local currencies), due to the good performance of Booking.com and Agoda.com in the hotel business and the sustaining growth in the Rentalcars.com business.
Priceline Group’s financial guidance for the second quarter of 2012 are listed as the follows:
Total bookings grows by 26% -31%
Total international travel bookings increases by 32% -37% (an increase of 41% to 46% on the basis of the local currencies)
Total domestic travel bookings rise by 5% -10%
Revenues increase by 18% – 23%
Gross profit increases by 31% – 36%
Adjusted EBIT reaches approximately $450 – $ 470 million
Non U.S. GAAP diluted earnings per share reaches approximately $7.20 – $7.40