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Expedia Stock Hits All-Time High on Soaring Bookings
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Key Points
- With the jump in holiday travel bookings, Expedia beats the fourth quarter earnings and sales forecasts.
- The total bookings and nights booked also exceeded analysts’ forecasts.
- Expedia also resumed its quarterly dividend, which was suspended during the 19th-date pandemic.
Expedia Group(Expe) The day after the day after the travel website reported better results than expected, the stock traded on the historic Friday and resumed dividends during the holiday quarter.
The company’s total bookings rose nearly 13% in the fourth quarter to $24.4 billion, with bookings totaling 86.4 million nights. Analysts surveyed by Visible Alpha are looking for $23.2 billion and $84.2 million respectively.
Expedia releases tweaks Earnings per share (EPS) $2.39, revenue rose 10% to $3.18 billion. These are also higher than forecasts.
CEO stresses “exceeding travel demand”
CEO Ariane Gorin said the performance reflects Expedia’s “continuous execution and travel needs that exceed expectations.”
The company also resumed and raised its quarterly dividend, which suspended its dividend in the second quarter of 2020 amid concerns about the impact of the Covid-19 outbreak on travel demand. Goring explained that the “action” “reflects our confidence in our long-term prospects and commitments for shareholder returns”. The new dividend rose from the previous $0.34 was $0.40 per share and will be paid to shareholders on March 27.
Expedia Group shares rose more than 15% on Friday morning S&P 500 Profiter. The stock recently traded $200 after hitting another record $204.20.
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