Royal Caribbean Cruises Ltd
Passenger ticket revenues rose 34% Y/Y to $2.54 billion versus last year.
Total cruise operating expenses were $2.06 billion versus $1.79 billion a year ago.
Gross Cruise Costs per Available Passenger Cruise Days (APCD) increased 5.1%.
Gross margin yields increased 60.3% as-reported, and net yields increased 19.3% in constant currency versus first-quarter 2024.
Operating income for the quarter jumped 175% to $750 million, with an operating margin of 20.1%.
The occupancy rate in first-quarter was 107% versus 102.1% last year.
Royal Caribbean held $437 million in cash and equivalents as of March 31, 2024.
Adjusted EPS of $1.35 beat the consensus estimate of $1.33.
As of March 31, the group's customer deposit balance was $6 billion.
Royal Caribbean CEO Jason Liberty called it "a great start to the year," citing growing demand for the company's "outperformance in the first quarter, a further increase of full year earnings guidance, and 60% expected earnings growth year over year."
Outlook: Royal Caribbean expects FY24 net yields to increase 9% to 10% in constant currency vs. 2023.
RCL raised its FY24 adjusted EPS guidance from $9.50 - $9.70 to $10.70 - $10.90 against the consensus of $10.06.
The company sees second-quarter net yields to increase 10.20% to 10.70% in constant currency. RCL sees adjusted EPS of $2.65 - $2.75.
Price Action: RCL shares are trading higher by 1.56% at $138.70 at the last check Thursday.
