Expedia raises full-year outlook on resilient travel demand

"(Bloomberg/Ignacio Gonzalez) Expedia Group Inc. raised its full-year gross bookings and revenue outlook, signaling that strong travel trends are continuing into the holiday quarter. Revenue for the year is now expected to increase 6.5% at the midpoint, up from 3% to 5% previously, the company said Thursday in a statement. Analysts expected a 4.6% rise, according to Bloomberg-compiled estimates. It also sees gross bookings growing 7%, again ahead of estimates and Expedia's previous guidance."

"Adjusted earnings per share for the three months ended Sept. 30 came to $7.57, better than the $6.94 Wall Street was expecting. Gross bookings for the period rose 12% to $30.7 billion, beating the average analyst estimate of $29.2 billion. That was largely thanks to Expedia's business-to-business sales, it said in the statement. The segment has accounted for a third of revenue over the past year, with the company planning to expand in the space by signing new partners and deepening its existing relatio"

"Expedia's has yet to see an impact from the US government shutdown just over a month in. In the US, just to be clear, we haven't seen a change in trend yet, but we're watching very carefully and this weekend will be a critical one as we as we head into that, Chief Financial Officer Scott Schenkel said on its earnings call."

Expedia increased its full-year revenue outlook to a 6.5% midpoint gain and raised gross bookings guidance to 7%, both above prior guidance and analyst estimates. Strong October momentum and solid third-quarter performance drove the revision. Third-quarter adjusted EPS was $7.57 versus $6.94 expected, while gross bookings rose 12% to $30.7 billion, outperforming estimates largely due to business-to-business sales. The B2B segment represented about one-third of revenue over the past year and the company plans expansion through new partners and deeper relationships. The company has not yet seen effects from the US government shutdown.

Read at www.mercurynews.com