Priceline Reports 47.1 Percent Increase in Quarterly Gross Bookings

Priceline.com reported its third-quarter results, reporting a fiscal third-quarter income of $223 million, compared with a profit of $319 million a year earlier. Revenue was $1 billion, up from $730.7 million.

Third-quarter gross bookings were $4 billion, an increase of 47.1 percent over a year ago. The group had revenues in the third quarter of $1 billion, a 37.1 percent increase over a year ago. Its gross profit for the third quarter was $666.2 million, a 53.5 percent increase from the prior year.

The group had GAAP net income for the third quarter of $223 million, which compares to $319 million a year ago. Non-GAAP net income in the third quarter was $272.3 million, a 57.1 percent increase versus the similar period in the prior year.

“Increased gross travel bookings were driven primarily by our worldwide hotel business, which had a 54 percent increase in room nights booked,” said Jeffery H. Boyd, Priceline’s president and CEO. He cited growth in Western Europe and North America, improved average daily rates and growth in new markets for increased bookings. He said that there was 97 percent growth in rental car days booked.

Price is projecting a year-over-year increase in total gross travel bookings of approximately 36 percent to 41 percent for the fourth quarter.