Royal Caribbean’s Overall Business Solid

Oasis of the Seas

Royal Caribbean Cruises Ltd. reported that yields for the second quarter were up double digits in Europe and China offsetting the Caribbean’s softness.

 
As explained by the company, “this was at the high end of the company’s guidance driven by strong close-in booking trends for European and China sailings despite continued softness in the Caribbean.”

“Higher pricing for close-in European sailings propelled us above the top end of our guidance for the quarter,”
said Jason T. Liberty, chief financial officer. “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.

Constant-Currency NCC excluding fuel decreased 4.7%, which is 220 basis points better than the mid-point of guidance mainly due to timing.

Voyager of the Seas
Voyager of the Seas

Approximately $16 million of expenses expected to be incurred during the second quarter were deferred to the second half of the year.

Bunker pricing net of hedging for the second quarter was $711 per metric ton and consumption was 341,000 metric tons.

 Jason T. Liberty, chief financial officer said: “Overall business has been solid and our equity investments continue to outperform, allowing us to deliver even better returns to our shareholders.”

Bookings since the April earnings call have been up nicely and the company continues to be booked ahead of last year in both load factor and APD.

Double-digit yield improvement on European and China sailings is helping offset a continued promotional environment in the Caribbean.

Press Release, July 25, 2014

 

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