Royal Caribbean reported its 2014 second quarter financial results today, and higher European deamand helped second-quarter profit beat estimates and the company raised its outlook for the full year.
Royal Caribbean said it earned $137.7 million, or 62 cents a share, in the quarter, up from $24.7 million, or 11 cents a share, in the same period a year ago.
Royal Caribbean Chief Financial Officer Jason T. Liberty said in a statement, "higher pricing for close-in European sailings propelled us above the top end of our guidance for the quarter. While the environment in the Caribbean remains promotional, our European itineraries continue to resonate well with strong demand from all markets."
Onboard revenue initiatives continue to deliver positive results with a 3% increase for the quarter. This is the tenth consecutive quarter of onboard revenue growth.
Liberty also commented, "overall business has been solid and our equity investments continue to outperform, allowing us to deliver even better returns to our shareholders."
