(AOF) – Booking is down 9.64% to $3,525.77 on Wall Street despite better-than-expected results for the fourth quarter: the hotel reservation group falls to penultimate place in the S&P 500 The reason is the number of nights booked, which should only grow by 4 to 6% in the first quarter of this year according to forecasts revealed by management during a conference call with investors. Jefferies, however, remains a Buy, highlighting the company’s reliability and its often cautious forecasts.
Adjusted earnings per share came to $32, up 29% year-on-year, compared to a consensus of $29.86. Turnover for its part increased by 18% to 4.8 billion dollars, against a consensus of 4.71 billion. What’s more, the group announces the introduction of a quarterly dividend of $8.75 which will be paid on March 28.
The Middle East conflict cost the group dearly during the past quarter according to management: it should cost one point of growth during the current quarter, she added during the call.
Booking has enjoyed a rally over the past twelve months that has seen it rise some 60% through yesterday’s close, beating the S&P 500 index by a wide margin.
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