WASHINGTON (dpa-AFX) - (Adds Outlook)
Royal Caribbean Group (RCL) increased its full year 2024 adjusted EPS guidance to $11.57 - $11.62. The company said the increase in earnings expectations is driven by the strong revenue performance in the third quarter and an increase in pricing expectations for the fourth quarter. The company noted that its fourth quarter adjusted EPS guidance of $1.40 - $1.45 includes $0.24 of headwinds - one third is related to Hurricane Milton, with the remainder driven by the timing of costs shifting from the third quarter, and higher non-cash stock compensation.
Jason Liberty, CEO, said: 'While we are still very early in the planning process, we anticipate earnings per share in 2025 to start with a $14 handle.'
Q3 Results:
Bottom line came in at $1.11 billion, or $4.21 per share. This compares with $1.01 billion, or $3.65 per share, in last year's third quarter. Excluding items, adjusted earnings per share was $5.20 compared to $3.85. Analysts on average had expected the company to earn $5.03 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. The company's revenue for the quarter rose 17.5% to $4.89 billion from $4.16 billion last year. Analysts on average had estimated $4.9 billion in revenue.
Shares of Royal Caribbean are down 2% in pre-market trade on Tuesday.
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