HomeAway posts 62% rise in Q3 profits
Nov 7, 2013
Austin Business Journal
Vacation home lister HomeAway Inc. reported Wednesday a third-quarter profit of $8.3 million on revenue of $90.1 million compared with a profit of $5.1 million on revenue of $73.1 million during the same period last year
The company beat analysts' estimates, reporting non-GAAP earnings of 19 cents a share for the latest period, three cents above the street's expectations
"We were thrilled to introduce our new pay-per-booking product during the quarter, providing HomeAway the opportunity to appeal to an even wider contingent of property owners and managers seeking to rent vacation properties on a short-term basis, test the marketplace or better manage their cash flows," said HomeAway CEO Brian Sharples in a news release. "We are very pleased with the initial response of pay-per-booking, which we expect to meaningfully contribute to revenue growth over the next several years."
The Austin-based company (Nasdaq: AWAY), founded in 2005, operates websites listing vacation home rentals. It employs about 1,443 workers, with 754 based in Austin
Also Wednesday, HomeAway said it would buy an ownership stake in New Zealand-based Bookabach Ltd. for an undisclosed amount. The company bought a 55 percent stake in Bookabach, the operator of a vacation rental site