Ctrip Beats By $0.08; Guides Above FY06 Consensus Rev Estimates; Stock Up 4% in After-Hours (CTRP)

This article is now exclusive for PRO subscribers.

Ctrip (ticker: CTRP) reported Q4 2005 earnings results earlier today. (Note: We will post a transcript of this evening’s management conference call later tonight.) Key stats from the quarter:

Q4 2005 Results:

  • Net revenue rose 57% y-o-y to $19.2 million above consensus estimate of $18.27 million.
  • Hotel reservation revenue rose 33% y-o-y to $12.9 million, and rose 8% sequentially.
  • Air ticket booking revenue rose 136% y-o-y to $6.4 million, and rose 11% sequentially.
  • Packaged tour revenue rose 106% y-o-y to $0.9 million, and rose 7% sequentially.
  • Gross margin was 81% in 4Q05 vs 84% in 4Q04.
  • Operating income rose 84% y-o-y to $7.5 million.
  • Operating margin was 39% vs 33% in 4Q04.
  • Net income rose 50% y-o-y to $7.8 million.
  • Net margin was 40% vs 42% in 4Q04.
  • Fully diluted earnings per ADS of $0.47 above consensus estimate of $0.39.
  • Notable:

  • Total number of hotel room nights booked was approximately 1.52 million vs 1.19 million room nights in 4Q04 and approximately 1.44 million room nights in 3Q05.
  • Total number of air tickets sold was approximately 1.17 million vs approximately 540,000 air tickets sold in 4Q04 and approximately 1.02 million air tickets sold in 3Q05.
  • Q1 2006 Guidance:

  • Year-on-year revenue growth of 35%. (Editor: Ctrip reported revenue of $11.7 million in Q1 2005. Thus 35% y-o-y revenue growth equals $15.795 million, below consensus estimate of $16.93 million.)
  • FY 2006 Guidance:

  • Year-on-year revenue growth of 35% (Editor: $87.21 million) above consensus estimate of $86.98 million.