Royal Caribbean Group ‘s earnings comfortably beat Wall Street expectations, while management raised its forecast for annual profit, saying demand for cruises and spending onboard is still strong.
Unlike many other travel companies, and airlines in particular, Royal Caribbean provided plenty of reasons for investors to be positive about the months ahead. “The much stressed about fuel expense line item actually came in slightly better than expected,” Truist analyst Patrick Scholes said in a note Thursday. “It was a third consecutive very strong quarter vs. expectations.”
The company reported adjusted earnings of $3.85 per share from revenue of $4.2 billion. Analysts were expecting EPS of $3.46 from revenue of $4.1 billion. The company said stronger demand from people booking at short notice, plus strength in spending onboard, helped it to earn more than it had expected.
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