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Expedia 4Q profit plunges 90 percent on charges
Tuesday - 2/5/2013, 6:09pm EST
BELLEVUE, Wash. (AP) -- Soaring hotel bookings pushed revenue higher at Expedia Inc., but the online travel agency's fourth-quarter profit fell 90 percent because of money it set aside to appeal a tax dispute in Hawaii.
Nights booked for hotel stays jumped 33 percent as demand grew for a second straight quarter in Europe, Asia and the Americas. Room nights rose 19 percent in the U.S., the best gain in two years. The average room rate fell 3 percent.
Investors seemed to focus less on the bottom line and more on the strong hotel sales and surprising 24 percent jump in revenue. Expedia shares rose in after-hours trading, adding to gains during the regular session.
Expedia said that it earned $6.7 million, or 5 cents per share, down from $70.3 million, or 44 cents per share, in the fourth quarter of 2011.
The results included $111 million that Expedia expects to pay to appeal a ruling on the way that hotel-occupancy taxes are calculated in Hawaii. Expedia could get back some or all of the money if it wins on appeal.
The company said that without the tax issue and other one-items, it would have earned 63 cents per share. Analysts surveyed by FactSet were expecting 65 cents per share.
Revenue rose to $974.9 million from $787.1 million, easily beating the $933.1 million forecast of analysts.
Expedia sold 12 percent more airline tickets than a year before, with the average fare 2 percent higher than a year earlier.
Expedia's shares rose $2.34, or 3.6 percent, to $67.50 in regular trading, and were up another $3.15, or 4.7 percent, to $70.65, in extended trading after the report.
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