Cruise-ship operator’s stock rallies Thursday in choppy trading
Shares of Royal Caribbean Group rallied Thursday in choppy trading after the cruise-ship operator reported third-quarter profit that rose well above expectations and raised its full-year outlook.
The stock RCL, +2.65% was up as much as 5% in the premarket moments after the results were released, and up as much as 2.9% after the opening bell, before turning lower. It then dropped as much as 4.7% to an intraday low of $78.35, the lowest price seen since May 26, before bouncing to a gain of 2.4% in morning trading.
Excluding nonrecurring items, adjusted earnings per share of $3.85 beat the FactSet consensus of $3.46, boosted by stronger close-in demand and increasing strength in onboard revenue.Passenger ticket revenue jumped 45.5% to $2.94 billion, to beat the FactSet consensus of $2.91 billion, and onboard and other revenue increased 25.4% to $1.22 billion, to exceed expectations of $1.12 billion.
For 2023, the company said fuel pricing and foreign-currency translation are reducing earnings per share by 18 cents more than previous guidance, while impacted sailings related to the Hamas-Israel war are lowering EPS by 3 cents.
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