Royal Caribbean Group Surpasses Expectations, Raises 2024 Outlook

Strong Performance Drives Profit Surge, Propelling Cruise Giant Towards Financial Milestones

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Royal Caribbean Group has bolstered its forecast for the fiscal year 2024 following a notable upsurge in performance during the first quarter, buoyed by an unprecedented WAVE season. The conglomerate, presiding over three prominent cruise entities, has undergone a substantial reversal from its prior-year figures, transcending from an adjusted net loss of $59 million to an adjusted net profit of $478 million, predominantly attributable to robust onboard revenue streams and fortified pricing dynamics in response to heightened close-in demands.

CEO Jason Liberty underscored, “The enduring vitality of our premier brands and the extraordinary experiences they offer continues to underpin our robust performance, manifesting in first-quarter outperformance, an upward revision of full-year earnings projections, and a projected 60% surge in earnings year-on-year.”

“Bolstered by this positive momentum, we anticipate attaining all facets of our Trifecta financial objectives in 2024, empowering us to pivot towards a novel phase of expansion aimed at cultivating enduring shareholder value and capturing a greater slice of the swiftly expanding $1.9 trillion global vacation market,” added Liberty.

Emphasizing Liberty’s sentiments, the revised outlook for 2024, envisaging adjusted earnings per share (EPS) for the fiscal year ranging between $10.7 and $10.9, delineates the group’s anticipation of attaining its coveted “Trifecta” milestones, comprising triple-digit Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) per available passenger cruise days, a Return on Invested Capital (ROIC) in the teens, and double-digit EPS.

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