Royal Caribbean reports wider-than-expected loss and revenue miss, but bookings show significant improvement

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Shares of Royal Caribbean Group RCL, +0.21% slipped 0.6% in premarket trading Friday, after the cruise operator reported a wider-than-expected loss and revenue that came up short of forecasts, but said booking volumes have improved “significantly” since the delta-variant induced slowdown over the summer. The net loss for the quarter to Sept. 30 was $1.42 billion, or $5.59 a share, after a loss of $1.35 billion, or $6.29 a share, in the year-ago period, as the weighted average number of shares outstanding increased 18.9%. Excluding nonrecurring items, adjusted losses per share narrowed to $4.91 from $5.62 and but missed the FactSet loss consensus of $4.39. The company swung to revenue of $456.96 million, after negative revenue of $33.69 million last year, but was below the FactSet consensus of $567.0 million, as passenger ticket revenue grew 87-fold to $280.15 million but missed expectations of $487.8 million. The company said as of Friday, 40 ships from the company’s five brands, or 65% of its capacity, have resume sailing. Bookings were above second-quarter levels with particular strength in September, as new bookings for 2022 sailings for the month more than 60% higher than the monthly average for the second quarter. The stock has gained 5.3% over the past three months through Thursday, while the S&P 500 SPX, +0.19% tacked on 4.0%.

This article was originally published by Marketwatch.com. Read the original article here.

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