One of my worst blunders of 2010 was selling Priceline.com (PCLN) in the low $200s after booking a very nice gain. In the 15 or so months since, it has rallied another 150%ish. As Homer S would say “DOH!”. I would think at some point the expectations would be too high for this company to continue to beat, but that day has yet to come. The company just reported a $2.66 v $2.45 expectation on a 38.5% year over year revenue growth rate. International sales, which are now almost half of the business, were blockbuster! (+80%) Maybe next quarter’s $4.40 estimate will be the one to trip up the name, but it’s been a steamroller for a long time now.
Via earnings report:
- The Group had revenues in the 1st quarter of $809.3 million, a 38.5% increase over a year ago. The Group’s international operations contributed revenues in the 1st quarter of $389.1 million, an 80% increase versus a year ago (approximately 79% on a local currency basis).
- The Group’s gross profit for the 1st quarter was $505.8 million, a 58.5% increase from the prior year. International operations contributed gross profit in the 1st quarter of $388.2 million, an 81% increase versus a year ago (approximately 79% growth on a local currency basis).
- Non-GAAP net income in the 1st quarter was $137.0 million, a 57.1% increase versus the prior year. Non-GAAP net income was $2.66 per diluted share, compared to $1.70 per diluted share a year ago. First Call analyst consensus for the 1st quarter 2011 was $2.44 per diluted share.