Priceline reports strong second-quarter results

By Kevin Zimmerman

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Despite recent turmoil in its executive ranks, The Priceline Group Inc. posted a second-quarter profit of $2.4 billion, a 16 percent increase from the prior year; a 12 percent rise in earnings to $581 million; and an earnings per share increase of 17 percent to $1.60.

In addition, the Norwalk company reported that second-quarter gross travel bookings were $17.9 billion, up 19 percent over a year ago.

“We believe this consistent growth demonstrates the strength of our brands, the value of a diversified global footprint and solid execution by our brand management teams,” said Jeffery H. Boyd, chairman and interim CEO.

Boyd, who served as Priceline’s CEO from 2002 to 2013, returned to that position in April upon the resignation of CEO Darren Huston after news broke of an inappropriate relationship Huston had with an employee. In June, Priceline.com CEO Paul Hennessy exited the company and was replaced on an interim basis by chief operating officer Brett Keller.

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