CTRP Continues Streak Of Beating Consensus, Oppenheimer Reports

Ctrip.com International Ltd. CTRP reported strong 4Q10 and FY10 earnings and continued its streak of beating consensus estimates and company guidance, Oppenheimer reports. “4Q net revenue was $119.3M (+44% y/y, -2% q/q) beating high-end guidance of +35% y/y consensus $114.6M, and our estimate of $117.6M,” Oppenheimer writes. “Gross and operating margins were 78% and 37% versus our estimates of 78% and 34%. Diluted GAAP EPS was $0.30, beating our and consensus estimates of $0.25 and $0.24 respectively. “Guidance was conservative as usual, predicting 20% Y/Y revenue growth for 1Q11 versus our estimate of 34%. The company continues to invest in new opportunities including launching a new travel info site and partnering with a restaurant reservations site.” That partnership includes the Dining Secretary China in 4Q10, an online/offline restaurant reservations site that “management believes will help it expand its service offering to customers.” “It also launched Lvping.com, a travel information site that includes travel blogs, forums, and reviews, with much content coming from the Ctrip site,” Oppenheimer adds. Ctrip.com International closed Friday at $42.97.