12.11.2008 par admin.

NORWALK, Conn.

Online travel retailer Priceline.com Inc. said Thursday its third-quarter earnings fell 16 percent from a year-ago period helped by a hefty tax gain, but results still beat Wall Street expectations.

However, the company issued a fourth-quarter profit forecast below analysts’ estimates, citing the weak economy’s effect on international travel.

President and Chief Executive Jeffery H. Boyd said bargain-hunting shoppers boosted bookings in the quarter, but international business slowed in late September and October. He blamed global economic weakness, the falling value of the euro and lower hotel rates.

Net income fell to $88 million, or $1.81 per share, from $104.4 million, or $2.27 per share, a year ago, which included a non-cash tax benefit of $47.9 million. Excluding one-time costs, it would have earned $2.39 per share in the quarter ended Sept. 30.

Revenue rose nearly 35 percent to $561.6 million from $417.3 million, as international sales rose 70 percent.

The results easily beat estimates of analysts surveyed by Thomson Reuters, who expected profit of $2.10 per share on revenue of $546.6 million.

Priceline shares fell $5.53, or 10.5 percent, to close the regular session $47.07 ahead of the report. In aftermarket electronic trading, they rose $3.53, or 7.5 percent, to $50.60.

Priceline said the gross value of all travel services it booked in the third quarter, including taxes and fees, rose 47 percent to $2 billion.

Looking ahead, Priceline.com forecast adjusted profit of $1 to $1.10 per share in the fourth quarter — below analysts’ average forecast of $1.16 per share.

Source : businessweek.com

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12.11.2008 par admin.

By James P. Miller | Tribune staff reporter

4:36 PM CST, November 10, 2008

A onetime accounting charge gave Orbitz Worldwide Inc. a substantial third-quarter loss Monday, and the Chicago online travel site operator also disclosed plans to cut its workforce by 10 percent.

Orbitz’ revenue rose 8.6 percent, to $240 million from $221 million, in the Sept. 30 quarter. But the travel company reported a net loss of $287 million, or $3.44 a diluted share, compared with a much smaller loss in last year’s quarter of $31 million, or 38 cents a share.

The difference was a $297 million “impairment” charge the company recorded to write down the value of goodwill and other intangible items on its books. Such non-cash charges, though required under accounting regulations when industry conditions are in decline, aren’t considered to be particularly important in terms of a corporation’s operating situation.

Excluding the impairment charge and other onetime items, Orbitz said, the company’s earnings before income tax, depreciation and amortization were unchanged from $43 million a year earlier.

The company’s efforts to bolster growth “succeeded and resulted in good growth in net revenue,” said Chairman and Chief Executive Steven Barnhart, “and we would have earned a net profit for the quarter before the impairment charge.”

Orbitz’ businesses “performed solidly” in the latest quarter despite capacity reductions by U.S. airlines, he continued. Over the last several weeks, however, “the economic and industry outlook for the fourth quarter has deteriorated markedly,” Barnhart continued.

In response to the declining conditions, Orbitz said it expects to reduce its U.S workforce by about 10 percent by year-end. The company didn’t say how many jobs it will eliminate; in a regulatory filing this year, Orbitz said that as of Dec. 31 2007 it had about 1,590 full-time employees, “more than half” of whom are based in the U.S. with the remainder largely in Australia and Britain.

Source : chicagotribune.com

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12.11.2008 par admin.

Le numéro un mondial de l’hôtellerie publie un bénéfice d’exploitation du troisième trimestre meilleur que prévu. Intercontinental constate une très nette dégradation des conditions de marché en octobre.

InterContinental Hotels, le numéro un mondial de l’hôtellerie, a publié mardi un bénéfice d’exploitation du troisième trimestre en hausse de 14%. Le groupe britannique, qui exploite entre autres les chaînes InterContinental, Crowne Plaza et Holiday Inn, a réalisé sur les trois mois à fin septembre un bénéfice d’exploitation des activités poursuivies de 150 millions de dollars (118 millions d’euros). Les estimations des analystes financiers s’échelonnaient de 128 à 146 millions, donnant une moyenne de 141 millions.

InterContinental, qui réalise près de 70% de ses bénéfices aux Etats-Unis, précise que son chiffre d’affaires par chambre disponible (RevPAR), un critère clé de rentabilité dans le secteur, a progressé de 1,6% sur la période, une hausse décrite par le groupe comme étant supérieure au marché.

“En octobre, nous avons enregistré une très nette détérioration des conditions de marché avec des données préliminaires pour le mois suggérant une baisse de 4,5% du RevPAR mondial, le recul étant de 5,7% aux Etats-Unis”, déclare Andrew Cosslett, directeur général du groupe, cité dans un communiqué.

Le mois dernier, Marriott International et Starwood, propriétaire de la chaîne Sheraton ont tous deux fait état de résultats trimestriels en baisse, tout en abaissant leurs prévisions annuelles et en prévenant que l’année 2009 allait être rude.

Source : latribune.fr

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