by Christopher Freeburn | May 8, 2014 11:25 am
On Thursday, Priceline Group (PCLN) topped first-quarter profit forecasts, but issued current-quarter guidance that fell short of Wall Street expectations. PCLN shares gained almost 1% in morning trading.
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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Source URL: http://investorplace.com/2014/05/pcln-priceline-stock-rises-despite-weak-q2-forecast/
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