Royal Caribbean Lifts FY17 Outlook; Board Approves $500 Mln Share Buyback

(RTTNews) - While reporting its first-quarter financial results today, Royal Caribbean Cruises Ltd. (RCL) raised its earnings outlook for fiscal 2017.

In addition, the company's board of directors has approved a program to repurchase $500 million of its common stock. The plan will include opportunistic open market purchases over the coming periods.

For fiscal 2017, the company raised its outlook for adjusted earnings to a range of $7.00 to $7.20 per share from the prior range of $6.90 to $7.10 per share. On average, sixteen analysts polled by Thomson Reuters expect the company to earn $7.06 per share for the year. Analysts' estimates typically exclude special items.