Priceline Q3 Profit Tops Estimates

(RTTNews) - The Priceline Group Inc. (PCLN) reported third-quarter Non-GAAP net income of $1.6 billion, a 20% increase versus the prior year. Non-GAAP net income was $31.18 per share, a 23% increase compared to $25.35 per share a year ago. On average, 28 analysts polled by Thomson Reuters expected the company to report profit per share of $29.32 for the quarter. Analysts' estimates typically exclude special items.

Third-quarter net income was $506 million, a 58% decrease versus the prior year. Net income was $10.13 per share, a 57% decrease as compared to the prior year. The company noted that net income and net income per share for the quarter were negatively impacted by a non-cash charge of $941 million relating to an impairment of OpenTable's goodwill.

Third-quarter total revenues increased year-over-year to $3.69 billion from $3.10 billion. Analysts expected revenue of $3.62 billion for the quarter.

For the fourth-quarter, the company expects non-GAAP net income per share in a range of $12.20 to $12.80. Analysts polled by Thomson Reuters expect the company to report profit per share of $13.57.

Separately, The Priceline Group announced that priceline.com's current interim CEO, Brett Keller, has been named CEO of priceline.com, effective immediately. Keller was named interim CEO of Priceline.com in June 2016 after serving as Chief Operating Officer of the business, and prior to that, Chief Marketing Officer.