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Royal Caribbean posts $1 billion Q3 profit, raises full year outlook
Royal Caribbean Cruises stocks trended up following its quarterly earnings announcement.
Shares were up nearly 3% higher after the company raised its full-year outlook.
It posted revenues of $4.2 billion for the third quarter.
Quarterly profit was $1.1 billion with net yields up 16.7%.
Close-in demand remained strong and onboard sales revenue performed strongly too, it said.
“The strength of our brands and the acceleration of consumer spending have propelled us towards another outstanding quarter,” CEO Jason Liberty said.
“Our booked load factors are higher than all prior years and at higher rates.”
Royal Caribbean’s fuel costs for the quarter were lower than expected, at $272 million.
The company said there was no drop-off in booking volumes throughout the third quarter which is well above 2019 levels.
As of the end of September customer deposit balance was at $5 billion.
Overall, the outlook for 2024 is rosy, Liberty said.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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