Priceline.com posts profit before unusual items
NORWALK, Conn., Feb 4 (Reuters) - Priceline.com Inc. <PCLN.O> on Monday reported a fourth-quarter profit before unusual items, compared with a loss a year-earlier, as growth in its hotel business helped the Internet commerce firm offset the slowdown in airline travel after the Sept. 11 attacks.
The company, which markets name-your-own-price air fares, car rentals and hotel reservations, posted a profit of $3.3 million, or 1 cent a share, compared with a loss of $25 million, or 15 cents a share, a year earlier.
Revenues rose to $235.3 million from $228.2 million, toward the top of the company's target range of $215 million to $235 million.
Wall Street analysts on average had expected the company, in which two firms controlled by Hong Kong tycoon Li Ka-Shing own a combined 27 percent stake, to break-even on a per-share basis and post revenues of $225.5 million, according to Thomson Financial/First Call.
Priceline reported a GAAP fourth-quarter net loss of $1.3 million, or 1 cent a share, compared with a loss of $105.1 million, or 62 cents a share, a year earlier.
Overall, travel took a hit after the Sept. 11 attacks but has slowly been recovering. However, online travel has seen a sharp increase in the last year, boosting the fortunes of companies like Priceline and rivals Expedia Inc. <EXPE.O> and Travelocity.com Inc. <TVLY.O>.
07:14 02-04-02 |
