Priceline beats 1Q profit and revenue expectations

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NORWALK, Connecticut — The Priceline Group Inc. (PCLN) on Thursday reported first-quarter profit of $333.3 million.

On a per-share basis, the Norwalk, Connecticut-based company said it had profit of $6.36. Earnings, adjusted for amortization costs and stock option expense, were $8.12 per share.

The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $7.80 per share.

The online booking service posted revenue of $1.84 billion in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $1.81 billion.

For the current quarter ending in June, Priceline expects its per-share earnings to range from $10.95 to $11.75. Analysts surveyed by Zacks had forecast adjusted earnings per share of $13.31.

Priceline shares have climbed 11 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 1 percent. The stock has risen 8 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PCLN at http://www.zacks.com/ap/PCLN

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Keywords: Priceline, Earnings Report

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