SOUTHLAKE, Texas (AP) _ Sabre Corp. (SABR) on July 31 reported second-quarter net income of $92.2 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Southlake, Texas-based company said it had net income of 33 cents. Earnings, adjusted for one-time gains and costs, were 37 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The provider of technology services to the travel industry posted revenue of $984.4 million in the period, up 9.3 percent, which also topped Street forecasts. Six analysts surveyed by Zacks expected $946.8 million.
Sabre expects full-year earnings in the range of $1.39 to $1.53 per share, with revenue in the range of $3.76 billion to $3.84 billion.
Sabre shares have climbed 27 percent since the beginning of the year. The stock has risen 19 percent in the last 12 months.
“Over the past eighteen months, we’ve significantly strengthened our position as a trusted and innovative technology partner, while reinforcing our commitment to leading in next-generation technology across retailing, distribution and fulfillment across all channels. Our momentum is growing, and the second quarter was continued evidence of our progress,” said Sean Menke, Sabre president and CEO. “The macro global travel environment was supportive, and as a leader at the center of the business of travel, we benefitted. We saw strong share gain at Travel Network and wrapped up large implementations including SabreSonic at LATAM and the SynXis Central Reservation System at Wyndham, the world’s largest hotelier. The resulting strong second quarter results give us confidence in our full-year outlook and long-term business trajectory.”_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SABR at https://www.zacks.com/ap/SABR