Home Fairfield Priceline, driven by record gross bookings, posts strong first quarter

Priceline, driven by record gross bookings, posts strong first quarter

Gross bookings at the Priceline Group hit a record $20.7 billion in the first quarter, representing a 24 percent increase over a year ago. The Norwalk company’s gross profit for the quarter was $2.3 billion, a 16 percent increase from the prior year, with international operations contributing gross profit of $2 billion, a 17 percent rise from a year ago. Net income in the first quarter was $456 million, up 22 percent from the prior year.

Globally, the group – which includes Priceline, Kayak, OpenTable, Agoda and Rentalcars –booked more than 173 million room nights during the quarter, up 27 percent over the same period last year. Priceline’s Booking.com division continued to extend its accommodations network, with over 1.2 million properties on its platform, including hotels, homes and apartments, a 36 percent increase over last year.

Its rental car business grew rental car days by 15 percent over the first quarter of last year, which also represented a 14 percent rise from the fourth quarter.

Priceline also announced that CFO Dan Finnegan is retiring; no replacement has been named.

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