The company [PCLN Loading... () 
] , which is best known for its name-your-own-price auction, said its fourth-quarter net profit was $226 million, or $4.41 per share, compared with $136 million, or $2.66 per share, a year ago.
He said the company is seeing strong growth in the hotel business in Asia and newer markets.
Priceline delivered fourth-quarter earnings excluding items of $5.37 per share, up from $3.40 a share in the year-earlier period. Revenue was $991 million, a 35 percent increase from $731 million a year ago.
Analysts had expected the company to report earnings excluding items of $5.05 per share on revenue of $968 million, according to Thomson Reuters.Mark Mahaney, analyst for Citigroup told CNBC Monday that consensus estimates were based on Priceline's market advantage: "They're the low cost provider in the market, [meaning] they charge hotels the least amount to sell their hotel rooms through priceline. That’s why they’ve been gaining market share.”
Going forward, the company said it expects first-quarter bookings to increase by 33 percent to 38 percent. Priceline expects revenue to increase by 22 percent to 27 percent in the quarter, driving income between $3.80 and $3.90 per share. Priceline, which runs Booking.com, Agoda.com and TravelJigsaw, in addition to its namesake website, also said it expects future growth rates to decline, partly because of weak economic conditions in Europe and increasing cancellation rates there. After the announcement, shares of the company rose in trading after the closing bell.Get after-hour quotes for Priceline here. Copyright 2012 Thomson Reuters. Click for restrictions.
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