Priceline Q4 Profit Tops Estimates; Targets Q1 Revenue To Rise 9% - 16% YoY

(RTTNews) - The Priceline Group Inc. (PCLN) reported adjusted fourth-quarter net income of $641 million, an 11% increase from the prior year. Adjusted net income was $12.63 per share, compared to $10.85 per share a year ago. On average, 26 analysts polled by Thomson Reuters expected the company to report profit per share of $11.80 for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $790 million, an increase of 11% over a year ago.

GAAP net income applicable to common shareholders was $504 million, or $10.00 per share, compared to $452 million or $8.56 per share, in the same period a year ago. Gross profit was $1.9 billion, a 12% increase from the prior year or approximately 23% on a constant currency basis.

Total revenues were $2.00 billion compared to $1.84 billion, a year ago. Analysts expected revenue of $1.96 billion for the quarter. Gross travel bookings were $12.0 billion, an increase of 13% over a year ago, or up approximately 24% on a constant currency basis.

For the first-quarter of 2016, the company targets: year-over-year increase in total gross travel bookings of approximately 12% - 19% or an increase of approximately 18% - 25% on a constant currency basis; year-over-year increase in revenue of approximately 9% - 16%; adjusted EBITDA of approximately $580 million to $620 million; and year-over-year increase in gross profit of approximately 14% - 21% or an increase of approximately 20% - 27% on a constant currency basis.

The company expects fist-quarter non-GAAP net income per share between $9.00 and $9.60. Analysts expect the company to report first-quarter net income per share of $9.61.