PCLN: Priceline Stock Rises Despite Weak Q2 Forecast

by Christopher Freeburn | May 8, 2014 11:25 am

PCLN: Priceline Stock Rises Despite Weak Q2 Forecast

On Thursday, Priceline Group (PCLN)[1] topped first-quarter profit forecasts, but issued current-quarter guidance that fell short of Wall Street expectations[2]. PCLN shares gained almost 1% in morning trading.

priceline 185 PCLN: Priceline Stock Rises Despite Weak Q2 Forecast[3]PCLN shares moved higher after Priceline reported first-quarter net income of $331.2 million, up from $244.2 million in the year-ago period. Adjusted EPS came in at $7.81, easily beating the $6.92 that analysts had anticipated, Reuters noted.

Quarterly revenue of $1.64 billion climbed 26% over the prior-year period and narrowly surpassed the $1.63 billion that analysts were looking for.

PCLN said that it expects second-quarter adjusted EPS of between $11.22 and $12.02. That disappointed analysts who had forecast a profit of $12.27 per PCLN share during the current quarter. PCLN predicted revenue during the current quarter of between $2 billion and $2.17 billion, compared to $2.11 billion estimated by analysts.

Priceline stock closed at $1,131.44 per share on Wednesday.

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Endnotes:
  1. PCLN): http://studio-5.financialcontent.com/investplace/quote?Symbol=PCLN)
  2. fell short of Wall Street expectations: http://in.reuters.com/article/2014/05/08/priceline-group-results-idINL3N0NU4U320140508
  3. [Image]: http://investorplace.com/wp-content/uploads/2011/02/priceline_185.jpg
  4. ARRS: Why Arris Group Is Up Sharply Today: http://investorplace.com/2014/05/arrs-arris-group-sharply-today/#.U2ucHV5hOf1
  5. FEYE: FireEye Stock Flames Out on Weak Outlook: http://investorplace.com/2014/05/feye-fireeye-stock-flames-weak-outlook/
  6. HSH: Hillshire Stock Moves Higher on Earnings: http://investorplace.com/2014/05/hsh-hillshire-stock-moves-higher-earnings/#.U2o_815hOf1

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