Royal Caribbean ups profit outlook amid soaring demand for key products
Royal Caribbean Group has raised its profit outlook after achieving the best five wave booking weeks in its history.
The cruise giant – which operates Royal Caribbean International, Celebrity Cruises, Silversea Cruises and joint venture Tui Cruises – said it was “very encouraged” by demand and the current pricing environment.
Key products, it said, were booked ahead of the same time last year in both rate and volume.
Consumer spending for onboard purchases continues to exceed prior years driven by “greater participation at higher prices, indicating quality and healthy future demand”, Royal added.
The company is increasing its adjusted full-year earnings per share (EPS) by $0.40 compared to its February guidance.
The EPS is now expected in a range of $9.90 to $10.10, up from the $9.50 to $9.70 forecast on 1 February.
Around $0.15 of the full year increase in adjusted EPS is driven by an improved revenue outlook for the first quarter of 2024.
Jason Liberty, group president and chief executive, said: “Since our last earnings call, robust demand for our vacation experiences has significantly exceeded our initial expectations.
“As a result, we are increasing our 2024 guidance on stronger revenue outlook. We remain intensely focused on delivering a lifetime of vacations and priceless memories for our guests while delivering exceptional long-term shareholder value.”
Earlier this month, the group reported being back in profit after achieving a 2023 net income of $1.7 billion.
The result compares with a net loss of $2.2 billion in 2022 and a deficit of $5.3 billion in 2021.
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Place of registration: England and Wales.
Company number 08723341.
Registered address: 6th Floor, 2 London Wall Place, London EC2Y 5AU
