© Reuters. Royal Caribbean posts earnings, guidance beat as demand ‘continues to outpace broader travel’
Royal Caribbean (NYSE:) shares are up over 3% premarket Thursday on the back of its latest quarterly results, which topped the consensus profit and EPS guidance estimate.
The cruise line company reported Q4 EPS of $1.25, $0.11 better than the analysts’ estimate of $1.14, while revenue for the quarter came in at $3.33 billion versus the consensus estimate of $3.36 billion.
The results were better than the company expected due to stronger close-in demand, RCL said.
“2023 was an exceptional year, propelled by unmatched demand for our brands from new and loyal guests,” said Jason Liberty, CEO of Royal Caribbean Group.
Furthermore, RCL stated that WAVE season is off to a record start, with booked load factors and rates higher than all prior years. This has resulted in the five best booking weeks of the company’s history occurring since the last earnings call. It is also “very encouraged about the demand and pricing environment for 2024.”
“Demand for our brands continues to outpace broader travel as a result of consumer spend further shifting toward experiences and the exceptional value proposition of our products,” added Liberty.
Royal Caribbean sees FY2024 EPS between $9.50 and $9.70, well above the consensus of $9.19.
This story originally appeared on Investing
