Priceline.com Inc. (PCLN) Thursday reported an increase in profit for the first quarter, as revenues grew. Earnings and revenues for the period topped analysts' expectations.
Norwalk, Connecticut-based Priceline's net income applicable to common stockholders rose to $244.27 million or $4.76 per share from $181.97 million or $3.54 per share in the comparable quarter last year.
Adjusted net income applicable to common stockholders rose to $297.24 million or $5.76 per share from $220.86 million or $4.28 per share in the prior year period. On average, 25 analysts polled by Thomson Reuters expected the company to earn $5.27 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew to $1.30 billion from $1.04 billion last year, while 23 analysts had consensus revenue estimate of $1.28 billion for the quarter.
Looking forward to the second quarter, Priceline expects earnings of $7.87 to $8.45 per share and adjusted earnings of $8.87 to $9.45 per share. Analysts currently estimate earnings of $9.58 per share for the second quarter.
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