Online travel services giant Booking Holdings Inc., formerly known as Priceline Group, on May 9 reported first-quarter profit and adjusted EPS that topped analyst targets.
For the three months ended March 31, non-GAAP net income surged 20% to $590.4 million from $494.1 million that the company reported for the year-ago period. The S&P Capital IQ mean consensus estimate for net income excluding exceptions was $524.3 million.
Non-GAAP net income per diluted common share for the period came in at $12, higher than the S&P Capital IQ consensus estimate for normalized EPS of $10.66.
Revenue for the first quarter totaled $2.93 billion, higher than $2.42 billion in the year-ago period. The amount includes a favorable adjustment of about $27 million to a loyalty program liability.
The total dollar value of gross travel bookings, including taxes and fees, grew 21% year over year during the first quarter to $25 billion.
"We are off to a strong start in 2018 with solid top and bottom line results for the first quarter with our performance marketing optimization efforts driving a second consecutive quarter of operating margin expansion," Booking Holdings CEO Glenn Fogel said in the statement.
For the second quarter ending June 30, Booking Holdings forecasts non-GAAP net income to come in between $795 million and $825 million, or between $16.35 and $17 per diluted share.
Revenue is predicted to grow between 11.5% and 15.5%, while gross travel bookings are expected to increase by 10% to 14%.