Royal Caribbean reports over 25% increase in earnings on fourth-quarter results and beats expectations
Royal Caribbean Cruises Ltd. (RCL) released its fourth-quarter 2016 financial results today, with US GAAP and adjusted earnings for 2016 of $5.93 and $6.08 per share, respectively, resulting in more than a 25% increase in both US GAAP and adjusted earnings over 2015.
The company reported fourth-quarter earnigs if $261.1 million. On a per-share basis, it had net income of $1.21. Earnings, adjusted for restructuring costs and non-recurring costs, came to $1.23 per share.
For the year, the company reported profit of $1.28 billion, or $5.93 per share. Revenue was reported as $8.5 billion.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share.
Looking to 2017, the company sees favorable conditions with foreign exchange and fuel prices creating headwinds. The company's 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.