The Japanese economy grew at a much faster than expected clip in the fourth quarter, buoyed by brisk capital investment and consumer spending as well as increased exports to emerging markets like China, the Cabinet Office said Thursday.
Japan's gross domestic product rose 0.9 percent in real terms in the fourth quarter, or at an annualized rate of 3.7 percent, the government said. It was the second straight quarter of growth for the world's second-largest economy.
The growth was well ahead of market expectations. Ten economists polled by Thomson Financial News were looking at 0.4 percent expansion for the quarter and an annualized pace of 1.5 percent, on average.
"The October-December quarter registered strikingly strong growth as private demand, as well as net exports and public demand more than offset the slump in housing investments," said Hiroki Owaki, senior economist at the Cabinet Office.
(DRYS) George Economou, the Company's Chairman and Chief Executive Officer, commented:
"We are very pleased to report the best quarter in the Company's history so far. Since our IPO in 2005 when we started out with a fleet of 6 vessels with an average age of 19 years we have grown to the biggest drybulk company listed in the US with a fleet comprising of 47 vessels with an average age of 8.8 years. In the meantime, our stock price has risen from $18 per share to $84.25 per share as of today's close, which implies a return to our initial shareholders of 368.1%. Our clear market view and choice of spot employment has been proven correct and has created superior shareholder value.
DryShips beats by $0.43, beats on revs (DRYS) 84.25 +2.05 : Reports Q4 (Dec) earnings of $4.50 per share, excluding non-recurring items, $0.43 better than the First Call consensus of $4.07; revenues rose 195.1% year/year to $233.4 mln vs the $208.8 mln consensus. Co says, "We enter 2008 with a great deal of optimism. The supply and demand balance for this year remains extremely tight. In 2008 we expect to have ~17% more fleet operating days compared to 2007 and as of today ~63% of the fleet operating days remains unfixed."
Online travel agency Priceline.com Inc (PCLN) said on Thursday its profit more than doubled as international bookings surged, sending its shares up nearly 10 percent.
Profit rose to $32.7 million, or 68 cents per share, from $13.2 million, or 33 cents per share, a year earlier.
Priceline's income, excluding special items, was 96 cents per share, beating Wall Street analysts' average forecast on that basis of 84 cents per share, according to Reuters Estimates.
The company said its travel bookings increased 62 percent overall to $1.2 billion. Its bookings for international travel increased by 113 percent.
Priceline forecast a further increase in its bookings of 60 percent to 65 percent for the first quarter of 2008. For full- year 2008, Priceline expects to generate about $7 billion to $7.3 billion in travel bookings.
The jump speaks well of demand, even as U.S. economic data suggest a recession may be coming, said Jeffery Boyd, Priceline's chief executive. Growth in international bookings was especially strong, he told Reuters.
"Internationally, our business continued to grow at very rapid rates," Boyd said.
Revenue rose 22 percent to $334.9 million.
The online travel business has been booming, but as growth in domestic bookings plateaus, companies such as Priceline are looking to Europe and Asia for growth opportunities.
Priceline.com beats by $0.12, beats on revs; guides Q1 EPS in-line; guides FY08 EPS in-line (PCLN) 102.23 -2.73 : Reports Q4 (Dec) earnings of $0.96 per share, $0.12 better than the First Call consensus of $0.84; revenues rose 28.8% year/year to $334.9 mln vs the $329.3 mln consensus.
