Seeking Alpha (CTRP): Q4 EPS of $0.35 beats by $0.1. Revenue of $177M (+19% Y/Y) beats by $3.29M.... (CTRP): Q4 EPS of $0.35 beats by $0.1. Revenue of $177M (+19% Y/Y) beats by $3.29M. Shares +3% AH. (PR)
Comments (1)
  • noahneng
    , contributor
    Comments (9) | Send Message
    The Company made a nice headline, with fully diluted adjusted EPS beating Bloomberg consensus by 39.4%. However, 4Q12 operating income of RMB119.9 mn, down 48.0% YoY, was only 2.3% higher than consensus expectations. Net revenue grew 19.0% YoY, near the top of the Company’s 15%-20% guidance range. However, gross margin declined and the operating expense ratio continued its uninterrupted climb that began in 1Q11. The EPS beat comes as Ctrip’s bottom line benefitted from non-operating items including 1) RMB58 million in “Other”, which is mainly government subsidies; and 2) RMB 29.7 million from non-controlling interests, which had been negative in previous quarters.
    3 Feb 2013, 11:38 AM Reply Like
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