Priceline Jumps as Earnings Beat Again

NEW YORK ( TheStreet) -- ( PCLN) shares were up 5% in aftermarket trading to $933.75, after the Norwalk, CT.-based online travel company posted results that beat Wall Street's expectations.

Priceline reported second-quarter earnings of $9.70 a share on $1.68 billion in revenue, an increase of 37.8% fa year earlier, as travel bookings rose 38%.

Analysts polled by Thomson Reuters were looking for the online travel company to post earnings of $9.36 per share on $1.66 billion in sales.

"The Group's international and domestic businesses performed well in the quarter as the summer travel season got off to a strong start for our brands," said Priceline CEO Jeffery H. Boyd in his shareholder letter. "We are particularly pleased by the Group's steady hotel room night growth and improving rental car unit growth, and with the growing momentum at the U.S. business of"

For the third-quarter, Priceline said it expects total gross booking to show a an increase of between 27% and 34%, or 25%-32% on a local currency basis. The company expects revenue to rise between 23% and 30% year-over-year, with Adjusted EBITDA coming in between $990 million and $1.055 billion. It expects Non-GAAP earnings to be between $15.30 and $16.30 per share, slightly below analysts' forecasts.

The consensus estimate among analysts is for third-quarter earnings of $15.86 per share on $2.22 billion in sales.

Shares of Priceline closed the regular session higher, gaining 0.67% to $933.75

-- Written by Chris Ciaccia in New York

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