The online travel agency Expedia Group announced a huge stock-repurchase program and reported better-than-expected quarterly financial results, sending the stock higher.Expedia said its board authorized a $5 billion stock buyback program, effective immediately. That would represent more than 35% of the company’s recent market valuation of $13.6 billion.
CEO Peter Kern said in a statement that the large authorization “reflects out confidence in the long-term outlook and the cash generating power of our business, as well as our commitment to maximizing returns for our shareholders.”For the quarter, Expedia posted revenue of $3.93 billion, up 9% from a year ago, and slightly ahead of the Street consensus of $3.86 billion. Profits on an adjusted basis were $5.41 a share, up 33% from a year ago, and above the Street consensus forecast of $4.
Adjusted earnings before interest, taxes, depreciation and amortization came in at $1.2 billion, up 13%. Gross bookings were $25.7 billion, up 7% from the year-earlier quarter, while the total of booked room nights rose 9% to 89.3 million. “Our strong third quarter results with record revenue and profitability came in ahead of our guidance and reflect the resilience of travel demand and continued improvements stemming from the execution of our strategy,” Kern said.
Expedia said it continues to expect double-digit revenue growth for the year, with margins above the year-earlier level.
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