皇家加勒比Q3调整后EPS超预期并上调全年指引，盘前涨超5%带动邮轮同业走高

Strong booking trends and efficient cost management enabled Royal Caribbean ( RCL ) to deliver another strong quarter and raise its profit outlook for the year as the company looks forward to a strong end to 2026. Although fuel costs increased during the quarter, Royal Caribbean ( RCL ) lowered its gross cruise cost per available passenger cruise day (APCD) by 0.7% and net cruise costs (NCC) excluding fuel by 1.9%. This contributed to an adjusted profit of $6.57 per share, up from $5.75 per share a year ago. However, this can also be attributed to how the company reported expenses. NCC expenses were shifted into the fourth quarter, while gross margin yields were down 0.8% from the same quarter last year. Regardless of how expenses were allocated, the cruise operator continued to enjoy strong booking and sales activity, with booking volumes increasing in the mid-teens across all major channels and 2027 bookings in the high teens. Moreover, pre-cruise and onboard revenue rates increased from a year ago, with Q4 pre-cruise revenue rates also ahead of Q4 last year. This puts Q4 net yields to be with a range of 4.4% to 4.9%. In the current quarter, NCC excluding fuel per APCD is expected to decline by 1.0% to 1.5%, driving an adjusted profit of $3.48 to $3.58 per share, although less than the $3.66 consensus estimate. This includes $379M in fuel expenses, which is 58% hedged via swaps at a forecasted consumption of 463K metric tons. For the remainder of the year, Royal Caribbean expects revenue to increase by 9% to ~$19.55B, slightly less than $19.58B estimates. Fuel expenses are targeted at $1.345B. Net yields for 2026 are expected to be between 4.2% and 4.7%, while NCC per APCD is seen increasing 2% to 2.5%. This will contribute to an adjusted profit of $17.85 to $17.95 per share versus earlier guidance for a profit of $17.73 and $17.87 per share, with a $17.90 midpoint that is higher than the $17.83 estimates. Royal Caribbean ( RCL ) shares are up more than 5% into Tuesday's open, giving a lift to peers Carnival Corp ( CCL ), Norwegian Cruise Line Holdings ( NCLH ), and Viking Holdings ( VIK ).