Royal Caribbean Profits Beat Expectations
October 28 2016 - 10:10AM
Dow Jones News
Royal Caribbean Cruises Ltd. said its third-quarter earnings
rose 13%, beating expectations amid strong demand for North
American itineraries.
Shares climbed 5% to $71.46 in premarket trading.
Royal Caribbean also pointed to strong 2017 bookings that are
ahead of last year's by rate and volume as an indicator for a solid
outlook for the next fiscal year.
Some investors have become skeptical of the cruise industry as
prices stalled in the Mediterranean and Chinese markets last month.
Banks slashed estimates for Royal Caribbean earlier this month and
downgraded its smaller competitor Norwegian Cruise Line Holdings
Ltd.
Royal Caribbean's earnings for the quarter rose to $693.3
million, or $3.21 a share, from $228.8 million, or $1.03 a share,
in the same period a year ago. Excluding certain items, adjusted
earnings per share came to $3.20, above the $3.10 estimated by
analysts polled by Thomson Reuters.
Revenue increased 1.6% to $2.56 billion, just under consensus
estimates of $2.58 billion.
The Miami-based company backed its 2016 guidance of earnings
between $6 and $6.10 per share. Analysts polled by Thomson Reuters
are expecting $6.02.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
October 28, 2016 09:55 ET (13:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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