Royal Caribbean reported its first quarter 2012 financial results and characterized it as better than expected. In addition, they updated its guidancefor the remainder of 2012.
Royal Caribbean's net income for the first quarter 2012 was $47 million versus $78.4 million in 2011. Revenues improved to $1.8 billion in the first quarter of 2012 compared to $1.7 billion in the first quarter of 2011 as a result of capacity increases and yield improvements.
As Royal Caribbean expected, booking activity continued to improve over the span of the last few months. Cumulative bookings since early February have been down mid single digits, although gradual improvement continues. Bookings from the United States have been running ahead of same time last year for the past four weeks.
Royal Caribbean Chairman Richard Fain commented on the results, "First quarter results were satisfactory given the difficult and uncertain operating environment and we continue to see gradual improvement in the demand for our great vacations. We did not expect the impact of the tragedy to be long term and we are seeing evidence the effects are waning."
Bookings for the fourth quarter of 2012 and for 2013 sailings remain strong, with both load factors and pricing running ahead of same time last year. In addition, the company has seen an increase in summer demand for its Pullmantur brand's tour product.
