DJ Expedia 2Q Profit Rises; Revenue Up 8% >EXPE
DOW JONES NEWSWIRES
Expedia Inc. (EXPE) Thursday reported second-quarter earnings of $95.5 million, or 27 cents a share, up from a year-ago profit of $73.4 million, or 22 cents a share.
On an adjusted basis, excluding items, the Bellevue, Wash., online travel services provider posted a profit of $118.2 million, or 32 cents a share, in the June period, down from $123.1 million, or 36 cents a share, in the same period a year earlier.
Revenue rose 8% in the latest three months to $598.5 million from $555 million in last year's quarter.
The average estimate of analysts polled by Thomson First Call was for a profit of 24 cents a share in the June period.
Gross bookings increased 10% in the quarter to $4.56 billion from $4.13 billion in the same period last year.
Expedia also said its board approved the buyback of an additional 20 million common shares earlier this week, and that it plans to privately offer up to $800 million worth of senior unsecured notes.
The company also signed a five-year strategic partnership agreement with US Airways Group (LCC).
Expedia shares closed Wednesday at $13.82, up 2.4%.
-Michael Baron; 415-439-6400;
AskNewswires@dowjones.com