Editors Note: This article has been updated to reflect Priceline's adjusted net income and updated stock price.
NEW YORK (TheStreet) -- Priceline Group (PCLN) shares are up 0.7% to $1,140 on Thursday after beating analysts first quarter earnings estimates while lowering its second quarter guidance below analysts estimates.
The online travel company posted adjusted net earnings, excluding certain items, of $331.2 million during the quarter, or $7.40 per share. Analysts were expecting $6.94 earnings per share for the quarter.
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The company set its second quarter earnings forecast to between $11.22 - $12.02 per share, below analysts estimates of $12.27 earnings per share on $2.1 billion in revenue.
As hotel, car rental and travel bookings increased in the first quarter so did revenue, up 26% from the previous year to $1.64 billion, beating analysts estimates of $1.63 billion.
TheStreet Ratings team rates PRICELINE GROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate PRICELINE GROUP INC (PCLN) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."