皇家加勒比二季度盈利超预期并上调全年EPS指引，但下调全年收入增速预期

Royal Caribbean (RCL) delivered a second quarter beat and raised its profit outlook for the year as bookings remain robust despite record prices.
Shares are under pressure into Tuesday’s open, however, as investors continue to be unnerved by geopolitical pressures that are keeping fuel costs elevated and requiring adjustments to the cruise operators’ itineraries.
This was reflected in an adjustment to its revenue outlook for the year, now expected to increase by 9% versus an earlier projection of 10% revenue growth. This translates into total revenue of $19.51B, which came in below the $19.6B estimate.
Based on current fuel pricing, interest rates, and currency exchange rates, Royal Caribbean (RCL) expects a profit between $17.73 and $17.87 per share. This is up from a prior range of $17.10 to $17.50 per share and beats the consensus forecast of $17.34. This outlook incorporates a modest booking impact for select itineraries primarily due to prolonged geopolitical activity.
For the third quarter, net yields are expected to be flat, reflecting healthy demand and pricing at record levels, resulting in revenue growth of 8%. NCC, excluding fuel, is seen decreasing by 1.2% to 1.7%.
While Royal Caribbean (RCL) generated more revenue in the reported quarter, operating expenses—which included higher fuel, labor, and food costs—increased 11%, resulting in earnings of $4.21 per share, down 5.4% from a year ago, although beating conservative estimates for a profit of $3.98 per share.
The increased costs for operating a ship were reflected in a 4.5% increase in gross cruise costs per available passenger cruise day and a 4.4% increase in net cruise costs (NCC), excluding fuel.
Shares of cruise operators are mixed into the open with Royal Caribbean (RCL) and Norwegian Cruise Line Holdings (NCLH) under pressure, while Viking Holdings (VIK) and Carnival Corp. (CCL) are higher.