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HomeCruiseRoyal Caribbean stock drops after downbeat outlook overshadows first quarterly profit post-pandemic

Royal Caribbean stock drops after downbeat outlook overshadows first quarterly profit post-pandemic

Shares of Royal Caribbean Group RCL, +1.73% dropped 6.1% in premarket trading Thursday, after the cruise operator reported its first quarterly profit since the pandemic, that beat expectations, but provided much wider-than-expected loss for the current quarter. The company swung to net income of $33.0 million, or 13 cents a share, from a loss of $1.42 billion, or $5.59 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 26 cents beat the FactSet consensus of 20 cents. Revenue jumped to $2.99 billion from $456.96 million as more sailings resumed, matching the FactSet consensus of $2.99 billion. Load factors were 96% overall and booking volumes were “significantly higher” than in the same period of pre-pandemic 2019, as the easing of testing and vaccination protocols provided a boost. For the fourth quarter, the company expects adjusted per-share losses of $1.30 to $1.50, compared with the FactSet loss consensus of 71 cents, and projects revenue of “approximately” $2.6 billion, below the FactSet consensus of $2.7 billion. The stock has soared 27.9% over the past three months through Wednesday, while the S&P 500 SPX, +1.36% has lost 9.5%.

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