Miami-based cruise liner conglomerate Royal Caribbean Cruises ended the first quarter of 2018 with a further rise in its earnings.
RCL delivered a profit of USD 218.7 million in Q1 2018, an increase of 1.9 percent when compared to a profit of USD 214.7 million seen in the same period a year earlier.
In addition, total revenues stood at USD 2.03 billion in the quarter ended March 31, 2018, against USD 2.01 billion posted in Q1 2017.
As explained, the improvement was mainly driven by better than expected revenue from RCL’s global brands and joint ventures.
“We are delighted to report another record breaking quarter and to be driving towards record earnings for the year, above our initial guidance,” Jason T. Liberty, Royal Caribbean Cruises’ executive vice president and CFO, commented.
“Revenues continue to excel and expenses, even including some new demand generating initiatives, continue to be carefully controlled,” Liberty added.
During the quarter, the company also completed the USD 500 million share repurchase program authorized a year ago.
What is more, RCL has increased its forecast of full year adjusted EPS to a range of USD 8.70 to USD 8.90 per share, USD 0.15 above the previous guidance.
The company’s 2018 booked position is better than last year’s record high and ahead in both volume and rate.
“This year is proving to be another strong year with all our brands firing on all cylinders,” Richard D. Fain, RCL’s chairman and CEO, said.
“The market continues to support our growth as our people keep focused on delivering our targets and goals. The strength of this market plus our new ships in 2018 (Symphony of the Seas, Azamara Pursuit, Mein Schiff 1 and Celebrity Edge), position us nicely for 2019 as well,” Fain concluded.