(PCLN) Priceline.com Incorporated – Earnings Estimates Advance

February 23rd, 2010

Priceline.com, Inc. (PCLN) recently gapped open higher on better than expected Q4 results that sent share to a new 52-week high.

Company Description

Priceline.com, Inc. operates as an online travel company both domestically and internationally. The company was founded in 1997 and has a market cap of $10.48 billion.

Fourth-Quarter Results

Revenue for the period was up 33% from last year to $542 million. Earnings also came in strong at $1.74, 24 cents ahead of the Zacks Consensus Estimate. The company has beat the consensus in each of the last four quarters by an average of 34 cents, or 19%. Full-year 2009 revenue was up 24% to $2.34 billion.

Priceline’s results were driven by strength in its international business, which was up 75% from last year to $223 million on a 60% gain in hotel rooms booked and a 53% gain in gross bookings. The company also strengthened its balance sheet, repaying $75 million to reduce outstanding debt to $196 million against cash and marketable securities of $604 million.

Estimates Advance

The good quarter pushed estimates higher. The current year added 45 cents to $10.13 while the next year has added 78 cents to $12.09, a solid 20% growth projection.

Valuation

As it stands, PCLN trades with a forward P/E multiple of 22X, a premium to the overall market.

The Chart

Shares of PCLN have been rallying for most of the last year but recently gapped open higher to hit a new 52-week high. Take a look below.

Michael Vodicka is the Momentum Stock Strategist for Zacks.com. He is also the Editor in charge of the market-beating Zacks Surprise Trader Service.

Zacks Investment Research

More on this topic (What's this?)
PCLN (All Allan, 2/17/10)
Priceline.com (NASDAQ: PCLN): Q4 Earnings Preview 2009 (Stock Wizard, 2/16/10)
Priceline.com (PCLN) - Another Stellar Earnings Report (Fund my Mutual Fund, 2/18/10)
Do You Own PCLN, Up $30 on Tuesday?? (Scott's Investments, 11/11/09)
Read more on Priceline.com at Wikinvest

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