Priceline posts 3Q profit, results top Street expectations

Industries Associated Press

The Priceline Group Inc. (PCLN) on Tuesday reported earnings of $1.06 billion in its third quarter.

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The Norwalk, Connecticut-based company said it had profit of $20.03 per share. Earnings, adjusted for amortization costs and pretax expenses, came to $22.16 per share.

The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $21.08 per share.

The online booking service posted revenue of $2.84 billion in the period, also topping Street forecasts. Analysts expected $2.82 billion, according to Zacks.

For the current quarter ending in December, Priceline expects its per-share earnings to range from $9.40 to $10.10. Analysts surveyed by Zacks had forecast adjusted earnings per share of $10.79.

Priceline shares have risen 3 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 9 percent. The stock has risen 14 percent in the last 12 months.

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This story was generated by Automated Insights (http://www.automatedinsights.com/ap ) using data from Zacks Investment Research. PCLN stock research report from Zacks: http://www.zacks.com/ap/PCLN .

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Keywords:Priceline,Earnings Report