Sparked by high travel bookings, new markets and a strong international presence, online giant Priceline.com Incorporated reported positive fourth quarter and full-year 2010 financial results for the Priceline Group of Companies. This included $3.26 billion in travel sales, an increase of 44.2 percent over a year ago. The Group had revenues in the fourth quarter of $731 million, a 35.0 percent increase over a year ago.
The company's international operations contributed revenues in the 4th quarter of $374.9 million, a 68.2 percent increase versus a year ago (approximately 75 percent on a local currency basis). The Group's gross profit for the fourth quarter was $478.4 million, a 52.8 percent increase from the prior year.
International operations contributed gross profit in the fourth quarter of $374.0 million, a 68.4 percent increase versus a year ago (approximately 75% growth on a local currency basis). The group's operating income in the quarter was $189.0 million, a 60.3 percent increase from the prior year.
For full-year 2010, the company had revenues of $3.08 billion, a 31.9 percent increase over 2009. International operations contributed full-year revenues of $1.4 billion, a 69.5 percent increase versus a year ago (approximately 77% on a local currency basis). Gross profit for the group in 2010 was $1.9 billion, a 51.4 percent increase from the prior year.
International operations contributed full-year gross profit of $1.4 billion, a 69.7 percent increase versus the prior year (approximately 77% growth on a local currency basis). The Group's 2010 operating income was $786.8 million, a 67.1 percent increase from the prior year. The Group had GAAP net income for full-year 2010 of $527.5 million.
"The Group's worldwide hotel business performed well for the 4th quarter and full year 2010," said Jeffery H. Boyd, Priceline president and CEO. "High gross travel bookings growth rates were the result of continued penetration of new markets, like Asia-Pacific and South America, where economic growth and rapid online adoption are tailwinds for the business, and solid growth in core markets in Western Europe and North America. The Group's air and rental car businesses also performed well under challenging market conditions and TravelJigsaw has made good progress with platform and website enhancements to grow our international rental car business.
"Going forward, Booking.com, priceline.com, Agoda.com and TravelJigsaw (all Priceline units)intend to continue building their brands, extending the reach of the Group's global hotel network and working together to achieve benefits of integration where appropriate," said Boyd.