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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Booking Holdings Inc    BKNG

BOOKING HOLDINGS INC

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Booking : Slides on Outlook Cut -- WSJ

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08/10/2018 | 03:48am EDT

By Aisha Al-Muslim

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (August 10, 2018).

Shares of Booking Holdings Inc. fell in pre-market trading Thursday after the travel company delayed the release of its second-quarter results by half a day and provided a lower-than-expected outlook for the current quarter.

The online travel company, with brands such as Booking.com, priceline.com, Rentalcars.com and OpenTable, said it expects adjusted earnings per share of $36.70 to $37.70 in the third quarter, compared with estimates of $39.79 a share analysts polled by Thomson Reuters were looking for. It also guided for year-over-year revenue growth of 6% to 9%.

The company posted second-quarter earnings growth Thursday morning after delaying the release from Wednesday afternoon. Shortly after the market closed Wednesday, the company said that although its financial results were finalized, it was "confirming certain business metrics" that are reported quarterly. Some of those metrics include room nights booked and total gross travel bookings.

Shares of Booking, up 7.3% in the past year, fell 7.4% in premarket trading Thursday.

Booking Holdings adopted a new revenue accounting standard in January. The switch changed when the company recognizes revenue from check-out to check-in. The company also no longer presents cost of revenues or gross profit.

The Norwalk, Conn.-based company said revenue for the second quarter rose 20% to $3.5 billion, ahead of the consensus forecast of $3.44 billion. Under the new accounting standard, the year-over-year growth rates for 2018 compare total revenues in 2018 to gross profit of $3 billion in 2017.

The company estimates that total revenues recognized at check-in will be about 1% lower in the third quarter and about 5% higher in the fourth quarter, when compared with the same quarters if revenues were recognized at check-out.

Net bookings for the second quarter equaled $23.9 billion, a 15% increase, and on par with analysts' expectations.

Under the new standard, room nights booked rose 12%, compared with a 21% rise a year earlier. Total gross travel bookings rose 14.9%, compared with a 16.4% increase a year ago.

Net income for the second quarter was $977.4 million, or $20.13 a share, compared with $720.2 million, or $14.39 a share, for the same quarter a year earlier. Adjusted earnings were $20.67 a share, beating the $17.34 a share analysts polled by Thomson Reuters were looking for.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

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Financials ($)
Sales 2019 15 537 M
EBIT 2019 5 784 M
Net income 2019 4 381 M
Debt 2019 2 896 M
Yield 2019 -
P/E ratio 2019 18,09
P/E ratio 2020 16,06
EV / Sales 2019 5,30x
EV / Sales 2020 4,43x
Capitalization 79 404 M
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Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 2 000 $
Spread / Average Target 13%
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Managers
NameTitle
Glenn D. Fogel President, Chief Executive Officer & Director
Jeffery H. Boyd Executive Chairman
David Ian Goulden Chief Financial Officer & Executive Vice President
Nancy B. Peretsman Independent Director
Jeff E. Epstein Independent Director
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