NEW YORK (
shares are soaring in after-hours trading following a better-than-expected earnings report and first-quarter guidance.
The online travel company,
fourth-quarter earnings of $5.37 per share on $990.77 million in revenue. Wall Street analysts polled by
expected priceline.com to earn $5.05 per share in the fourth-quarter on $967.9 million in revenue.
For 2011, revenue increased 40.2% to $4.36 billion, helped by international operations, which jumped 77.8% year-over-year to $2.56 billion.
Priceline CEO Jeffrey Boyd said the company's brands gained market share during the quarter. "We believe that each of our brands, Booking.com, Agoda and priceline.com, gained share in the retail hotel room reservations market, while our Name Your Own Price hotel business in the United States continued to be impacted by increased competition in the discount market," Boyd said in the press release.
Boyd also highlighted the strong performance of the TravelJigsaw business, which was re-branded as "rentalcars.com" during the quarter. "Our worldwide rental car reservation service delivered 34% growth in rental car days in the fourth quarter compared to the prior year, with rentalcars.com growing well in excess of that rate," Boyd went on to say.
Priceline.com gave strong first-quarter guidance, saying it expects non-GAAP earnings to increase $37 million in the first quarter of 2012. That would be $3.10 to $3.20 on a per share GAAP basis.
Shares finished the regular session up 0.2% to $491.54. In after-hours trading, shares are jumping 5.7% to $625.25.
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Written by Chris Ciaccia in New York
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