KYAK

Online travel service and hotel reservations firm Priceline (click ticker for report: ) reported fantastic third-quarter results Thursday that showed solid gross travel bookings expansion and better-than-expected performance in Europe. Our fair value estimate remains unchanged. The company’s revenue advanced 17.4% from the year-ago period thanks to solid performance in its international operations, where sales grew 42% on a local currency basis. Third-quarter travel bookings increased 25.2% and 33.8% on a local currency basis from the same period a year ago. Image Source: Priceline Priceline’s operating income jumped 22.6% and GAAP earnings per share increased over 27% during the period. On a non-GAAP basis, earnings per share increased roughly 25% from last year’s quarter, to $12.40, better than consensus expectations of … Read more