Shares of Priceline.com (PCLN) dropped 6% late Tuesday after the company met earnings estimates but fell short on the revenue line.
The operator of online travel sites indicated that this year's hurricane season had hurt bookings and increased cancellations.
For the third quarter ended Sept. 30, the company reported net income, excluding noncash amortization expense from acquisitions, of $11.3 million, or 28 cents per share. That compares with earnings of 24 cents a share in the third quarter of 2003. Analysts surveyed by Thomson First Call had reached a 27-cent consensus.
On the basis of generally accepted accounting principles, priceline.com reported net income of $9.3 million, or 23 cents per share, up from $8.5 million, or 21 cents per share, one year earlier.
Revenue of $235.9 million for the quarter fell from $243.4 million a year earlier, and was 6% short of the $251 million consensus.
While revenue dropped from the prior year, the company noted that gross travel bookings of $432 million rose 44% year over year, while airline ticket unit bookings grew 65%.
In normal trading Tuesday, priceline.com's shares rose 96 cents to close at $20.95. But after hours, shares were changing hands at $19.71.