Sabre today announced financial results for the quarter ended September 30, 2019.
• Third quarter revenue increased 1.4% to $984.2 million, compared to $970.3 million in the third quarter of 2018.
• Travel Network revenue rose 1.5%, with bookings growth of 0.8%
• Airline Solutions revenue decreased 0.6%
• Hospitality Solutions revenue grew 7.0%
• Net income attributable to common stockholders totaled $63.8 million, versus $73.0 million in the third quarter of 2018.
• Diluted net income attributable to common stockholders per share (EPS) totaled $0.23
• Adjusted EPS totaled $0.27
• Cash provided by operating activities totaled $166.7 million (vs. $194.4 million)
Adjusted Operating Income was $133.1 million, versus $174.0 million in the third quarter of 2018.
Operating income was $113.5 million, versus $136.8 million in the third quarter of 2018.
Travel Network
Third quarter 2019 highlights (versus prior year):
• Travel Network revenue increased 1.5% to $711.0 million.
• Global air bookings share increased 100 basis points to 39.6%.
• Global bookings increased 0.8% in the quarter, stronger than the GDS industry. Global bookings growth was supported by an increase of 5.9% in North America, representing the company's largest global footprint. Strong North American bookings growth offset a decline in international bookings.
• Operating income totaled $157.9 million, versus $182.2 million in the third quarter of 2018, and operating income margin was 22.2%.
Airline Solutions
Third quarter 2019 highlights (versus prior year):
• Airline Solutions revenue decreased 0.6% to $208.0 million, due to the previously discussed impact of certain outside factors including the insolvency of Jet Airways and volume reductions at a certain carrier due to a 737 MAX incident, as well as the demigrations of Pakistan International Airlines, Philippine Airlines and Bangkok Airlines. In the quarter, SabreSonic revenue increased 2.0% and AirVision and AirCentre commercial and operations revenue decreased 4.2%. Excluding the carriers referenced above, Airline Solutions revenue increased 4.9%.
• Airline passengers boarded declined 5.4% in the quarter. Excluding the carriers referenced above, airline passengers boarded grew 4.0%.
• Operating income totaled $24.6 million, versus $28.5 million in the third quarter of 2018, and operating income margin was 11.8%.
Hospitality Solutions
Third quarter 2019 highlights (versus prior year):
• Hospitality Solutions revenue increased 7.0% to $74.8 million, primarily driven by growth in central reservation system transactions.
• Central reservation system transactions increased 14.1% to 30.5 million.
• Operating loss was $4.0 million, versus income of $5.8 million in the third quarter of 2018.
Full-Year 2019 Guidance
Sabre narrowed its full-year 2019 guidance, summarized below:
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