NEW YORK ( TheStreet) -- Shares of Priceline.com (PCLN - Get Report) surged in after-hours action on Wednesday after the online travel company rode a huge jump in bookings to a better than expected quarterly profit.
The Norwalk, Conn.-based company, which cited growth in its hotel business and success in new markets in the Asia-Pacific and South America regions for its strong results, also offered up a bullish outlook for its current quarter.
The stock was last quoted at $443.42, up 4.1%, on volume of roughly 640,000, according to Nasdaq.com. Based on a regular session close at $425.99, the shares were up more than 90% in the past year, hitting a 52-week high of $464.47 on Feb. 15.
For the three months ended Dec. 31, Priceline.com reported an adjusted profit of $175 million, or $3.40 a share, on revenue of $731.3 million, up 25% year-over-year. The average estimate of analysts polled by Thomson Reuters was for earnings of $3.09 a share on revenue of $734.9 million in the quarter.The company said gross travel bookings, which reflects total dollar value including taxes and fees of travel services purchased by its customers, jumped 44.2% to $3.26 billion in the quarter. Priceline.com sees more of the same in the current quarter, forecasting adjusted earnings of $2.34 to $2.44 a share with total gross bookings projected to rise 45-50% and revenue pegged to increase 29-34%. Wall Street's current consensus estimate for the company's fiscal first quarter is for a profit of $2.30 a share.