Royal Caribbean Targets Net Profit In H2

(RTTNews) - While reporting first-quarter results on Thursday, Royal Caribbean Group (RCL) said the Group expects a return to net profit for the second half of 2022. The Group noted that it continues to make progress towards profitability with operating cash flow only slightly negative in March and turning positive in April.

By the end of the first quarter of 2022, Royal Caribbean Group had returned 54 out of 62 ships to operations across its five brands, representing close to 90% of worldwide fleet capacity. It expects to return the full fleet to operations before the summer season of 2022. For 2023, all quarters are currently booked within historical ranges at record pricing, the Group said.

The company reported adjusted net loss of $1.2 billion or $4.57 per share for the first quarter compared to a adjusted net loss of $1.1 billion or $4.44 per share, last year. On average, 11 analysts polled by Thomson Reuters expected the company to report a loss per share of $4.47, for the quarter. Analysts' estimates typically exclude special items.

Net loss for the first quarter was $1.2 billion or $4.58 per share compared to a net loss of $1.1 billion or $4.66 per share, last year.

Total revenues increased to $1.06 billion from $42.01 million, a year ago. Analysts on average had estimated $1.15 billion in revenue.

Shares of Royal Caribbean were down 2% in pre-market trade on Thursday.