=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.

=Royal Caribbean (RCL) reported earnings on Thur 26 Jan 2017 (b/o)

Royal Caribbean beats by $0.02, misses on revs; guides Q1 EPS above consensus; guides FY17 EPS above consensus :

• Reports Q4 (Dec) earnings of $1.23 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.21; revenues rose 0.4% year/year to $1.91 bln vs the $1.97 bln Capital IQ Consensus.
• Co issues upside guidance for Q1, sees EPS of approx $0.90, excluding non-recurring items, vs. $0.68 Capital IQ Consensus Estimate.
• Co issues upside guidance for FY17, sees EPS of $6.90-7.10, excluding non-recurring items, vs. $6.81 Capital IQ Consensus Estimate.
• Net Yields in 2016 were up 3.9% on a Constant-Currency basis (1.6% As-Reported). Net Yields in 2017 are expected to increase 4.0% to 6.0% on a Constant-Currency basis (3.3% to 5.3% As-Reported).
• "As we enter our DOUBLE-DOUBLE year, we have never been so well positioned...This program has done what it set out to do -- bookings are at record levels, the preference our brands enjoy has never been stronger, we are on the cusp of investment grade ratings, our dividends are at an all-time high, costs have been well managed, and our guests' satisfaction has never been better."
• Co says its booked position for 2017 is better than last year's record high, and at higher rates. Strength from North American consumers is driving exceptionally positive trends for North American and European products. These trends, along with a positive outlook for Australia and a solid booked position in China for the first half of the year, are positioning the company for robust growth in 2017.

=Royal Caribbean (RCL) reported earnings on Tue 2 Aug 2016 (b/o)

Royal Caribbean beats by $0.07, misses on revs; guides Q3 EPS below consensus; guides FY16 EPS below consensus :

• Reports Q2 (Jun) earnings of $1.09 per share, $0.07 better than the Capital IQ Consensus of $1.02; revenues rose 2.3% year/year to $2.11 bln vs the $2.17 bln Capital IQ Consensus.
• Net Yields were up 1.1% on a Constant-Currency basis (down 0.5% As-Reported), in-line with previous guidance.
  Net Cruise Costs excluding fuel were up 1.9% on a Constant-Currency basis (up 1.5% As-Reported), in-line with guidance.
• Co issues downside guidance for Q3, sees EPS of $3.10 vs. $3.38 Capital IQ Consensus Estimate. RCL expects Constant-Currency Net Yields to be up approximately 2.0%. The year-over-year improvement is primarily driven by the deconsolidation of the Pullmantur Group.
• Co lowers guidance for FY16, sees EPS of $6.00-$6.10, down $0.20 from the midpoint of earlier guidance, and vs. $6.21 Capital IQ Consensus Estimate. The lowered guidance is due to a $0.27 negative impact from currency and fuel rates, of which approximately $0.14 is related to weakness in the British Pound following the Brexit vote. Sees a 3.3% capacity increase for FY16 and net yields of approximately 4.0-4.5% at constant currency.