Royal Caribbean Cruises (RCL) Tops Q4 EPS by 2c, Revenues Beat; Q1 EPS Guidance Above Consensus, FY19 EPS Mid-Point Gudance Below Consensus

Royal Caribbean Cruises (NYSE: RCL) reported Q4 EPS of $1.53, $0.02 better than the analyst estimate of $1.51. Revenue for the quarter came in at $2.33 billion versus the consensus estimate of $2.31 billion.

• US GAAP Net Income for the fourth quarter was $315.7 million or $1.50 per share and Adjusted Net Income was $322.1 million or $1.53 per share. Last year, US GAAP and Adjusted Net Income were $288.0 million or $1.34 per share.
• Gross Yields were up 7.3% in Constant-Currency. Net Yields were up 6.8% in Constant-Currency, slightly better than the midpoint of guidance.
• Gross Cruise Costs per APCD increased 6.1% in Constant-Currency. NCC excluding Fuel per APCD were up 5.1% in Constant-Currency, lower than guidance, driven by timing.
• Favorability from depreciation and our joint ventures also contributed to the quarter\'s positive performance.
• Lastly, a combination of a stronger dollar and fuel rates negatively impacted the quarter by $0.04.
• Bunker pricing net of hedging for the fourth quarter was $546.70 per metric ton and consumption was 357,700 metric tons.

"Our yield outlook for 2019 is very encouraging" said Jason T. Liberty, executive vice president and CFO. "Demand for our brands continues to accelerate and we are well positioned for another year of double-digit growth in our earnings per share."

GUIDANCE:

Royal Caribbean Cruises sees FY2019 EPS of $9.75-$10.00, versus the consensus of $9.95.

Royal Caribbean Cruises sees Q1 2019 EPS of $1.10, versus the consensus of $1.08.

For earnings history and earnings-related data on Royal Caribbean Cruises (RCL) click here.

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