=Royal Caribbean (RCL) reported earnings on Fri 28 Apr 2017 (b/o)

Royal Caribbean beats by $0.06, reports revs in-line; guides FY17 EPS in-line :

• Reports Q1 (Mar) earnings of $0.99 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.93; revenues rose 4.7% year/year to $2.01 bln vs the $2.02 bln Capital IQ Consensus.
• Co issues in-line guidance for FY17, sees EPS of $7.00-7.20 (Prior $6.90-7.10), excluding non-recurring items, vs. $7.07 Capital IQ Consensus Estimate.
  • Overall, the company's booked position remains at a record level, better than last year on both a rate and volume basis.
  • Net Yields are expected to increase 4.5% to 6.0% on a Constant-Currency basis (up 4.0% to 5.5% As-Reported).
  • NCC excluding fuel are expected to be flat to up slightly on a Constant-Currency basis (flat As-Reported).
• Outlook
• Looking at the year as a whole, the company's expectations remain largely unchanged from the guidance it provided 3 months ago:
  • Bookings, overall, are not materially different, with strength in Europe offsetting the impact of Korea;
  • Currency and fuel are not materially different;
  • Costs continue to be under control;
  • First quarter results are the key drivers of the upward guidance revision for the full year.