Royal Caribbean Reports Q4 Sales Growth, Projects 40% Spike in 2024 Earnings
Despite slightly missing sales estimates, the cruise operator sees robust growth with record-breaking bookings and expects a significant earnings increase in 2024.
- Royal Caribbean Cruises Ltd reported Q4 FY23 sales growth of 27.8% year-on-year to $3.33 billion, slightly missing the consensus estimate of $3.36 billion.
- Adjusted EPS of $1.25 beat the consensus estimate of $1.13, leading to a premarket stock gain which later receded.
- Passenger ticket revenues rose 34.3% Y/Y to $2.29 billion, and the occupancy rate in the quarter was 105.4% versus 94.9% last year.
- Royal Caribbean expects first-quarter net yields to increase 15.20% – 15.70% in constant currency vs. 2023, and first-quarter adjusted EPS of $1.10 – $1.20 versus $0.86 consensus.
- The company projects a 40% spike in 2024 adjusted earnings, to range from $9.50 to $9.70 per share, versus the $9.19 consensus.
Benzinga 
Investor's Business Daily 
