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- Royal Caribbean Cruises Ltd RCL reported first-quarter FY23 sales growth of 172.4% year-on-year to $2.88 billion, beating the consensus of $2.82 billion.
- Passenger ticket revenues rose to $1.9 billion versus $651.8 million last year.
- Total cruise operating expenses were $1.79 billion versus $1.2 billion a year ago.
- Gross Cruise Costs per Available Passenger Cruise Days (APCD) increased 8.2% compared to Q1 2019.
- Operating income for the quarter was $271.6 million, with an operating margin of 9.4%.
- The occupancy rate in Q1 was 102.1% versus 57.4% last year.
- Royal Caribbean held $1.22 billion in cash and equivalents as of March 31, 2023.
- Adjusted EPS of $(0.23) beat the analyst consensus of $(0.70).
- As of March 31, 2023, the group's customer deposit balance was $5.3 billion.
- Outlook: Royal Caribbean expects FY23 net yields are expected to increase 6.25%-7.25% (prior view 2.5%-4.5%) vs. 2019.
- RCL raised its FY23 adjusted EPS outlook from $3.00-$3.60 to $4.40-$4.80 against the consensus of $3.41.
- The company sees Q2 adjusted EPS of $1.50 - $1.60 (consensus $0.94) and net yields increase of 9.6% - 10.1% vs. 2019.
- Price Action: RCL shares are trading higher by 8.57% at $72.86 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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