Royal Caribbean posts better than expected 1Q loss and boosts guidance; shares propel higher
Published: 11:26 04 May 2023 EDT
Royal Caribbean Group shares climbed 7% to $71.72 in late Thursday morning trading after the cruise ship operator announced that its first-quarter 2023 net loss narrowed to $47.9 million, or $0.19 a share, from $1.17 billion, or $4.58 per share, during the same period last year.
The company’s 1Q adjusted per-share loss of $0.23 surpassed the FactSet compiled consensus estimate of a $0.69 per-share deficit.
Its revenue for the quarter, meanwhile, surged 172.4% to $2.89 billion, also beating the $2.82 billion expectation.
“We knew that demand for our business was strong and strengthening, but we have been pleasantly surprised with how swiftly demand further accelerated well above historical trends and at higher rates,” Royal Caribbean Group CEO Jason Liberty said in a statement.
Royal Caribbean also raised its full-year 2023 guidance ranges for adjusted earnings per share to $4.40 to $4.80 from $3.00 to $3.60.
Contact Sean at sean@proactiveinvestors.com
