Royal Caribbean Group Raises 2023 Adj. EPS Guidance

(RTTNews) - Royal Caribbean Group (RCL) said its first quarter earnings results were significantly better than its guidance primarily due to strong close-in bookings at higher prices, continued strength of onboard spend, and favorable timing of operating costs. As a result of a record-breaking WAVE season and accelerating demand for cruise experiences, the company increased its 2023 adjusted earnings per share guidance to $4.40 - $4.80. The company expects to significantly exceed prior record adjusted EBITDA, achieved in 2019.

For the second quarter, the company expects adjusted earnings per share to be in the range of $1.50 to $1.60.

The company reported a net Loss for the first quarter of $47.9 million or $0.19 per share compared to a net loss of $1.2 billion or $4.58 per share, prior year. The company also reported adjusted net loss of $58.9 million or $0.23 per share compared to adjusted net loss of $1.2 billion or $4.57 per share. Analysts on average had expected the company to post a loss of $0.70 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total revenues were $2.9 billion compared to $1.1 billion, previous year. Analysts on average had estimated $2.82 billion in revenue. Booking volumes were significantly higher than the corresponding period in 2019.

Shares of Royal Caribbean Group are up 8% in pre-market trade on Thursday.

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