“Shares of Expedia (EXPE) traded with gains of over 15% in after hours trading. The online travel company reported a strong set of third quarter results on Thursday after the close.
Third Quarter Results
Expedia reported third quarter revenues of $1.20 billion, up 17% on the year. Growth was driven by a 27% increase in the number of room nights booked via the company’s websites. The number of air tickets sold rose 11%. Gross bookings rose 19% to $9.05 billion.
Net income fell 18.1% on the year to $171.5 million. Net income per diluted share fell from $1.50 per share last year to $1.21 over the past quarter. Last year’s earnings received a boost of $38.6 million related to discontinued operations. Adjusted earnings per share rose to $1.32 per share, beating analysts expectations of $1.26 per share.
So far this year, Expedia repurchased 10.7 million shares for a total consideration of $397 million. Third quarter repurchase activity slowed down to 1.1 million shares.”
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