Royal Caribbean Cruises Q3 Revenue Lags Consensus; Expects To Be Profitable In 2022

Royal Caribbean Cruises Ltd RCL reported third-quarter FY21 revenues of $456.96 million, missing the analyst consensus of $612.15 million. It reported negative revenue of $33.69 million last year.
Passenger ticket revenues were $280.15 million versus $3.2 million last year.
Cruise operating expense rose 163.6% Y/Y to $813.6 million. The operating loss widened to $(1.02) billion.
Adjusted loss per share of $(4.91) missed the analyst consensus for a loss of $(4.16).
Customer Deposits totaled $2.8 billion as of September 30, 2021. It held $3.3 billion in cash and equivalents as of September 30, 2021.
By year-end, Royal Caribbean Cruises anticipates that 50 out of 61 ships will have returned to service across its five brands, representing almost 100% of its core itineraries and 80% of worldwide capacity.
"Although there are many uncertainties going forward regarding COVID-19, as well as cost and supply chain pressures, we continue our pathway forward and anticipate positive cash flow for the Group by spring of 2022 and generating positive earnings for the full year 2022," said CFO Jason T. Liberty.
The company noted that customer deposits for Q2 of 2022 forward sailings are higher than at the same time in 2019.
Price Action: RCL shares traded lower by 0.23% at $84.06 on the last check Friday.

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