Royal Caribbean boosts annual profit forecast on strong cruise demand (updated)

New Wave Holdings

21/02/2024 23:05

(Adds shares in paragraph 2, details from release in paragraph
3 and background in paragraph 4)
       Feb 21 (Reuters) - Royal Caribbean Group  RCL.N  on
Wednesday raised its annual profit forecast as the company
benefits from strong cruise demand during the key 'wave season'
and robust on-board spending.
        The company's shares rose 6% in extended trade after it
also said that all four quarters and key products were booked
ahead of the year-ago timeline for 2024.
  
        "Bookings have been significantly higher than during the
same period last year, with the back half of the year up by more
than the front half," the company said.
  
        The wave season is a crucial period between January and
March when cruise operators offer special deals and discounts
for the year.
  
        Royal Caribbean now expects 2024 adjusted earnings per
share to be between $9.90 and $10.10, compared with $9.50 to
$9.70 per share the company forecast on Feb. 1.
    Analysts on average were expecting a full-year profit per
share of $9.77, as per LSEG data.    

 (Reporting by Juveria Tabassum; Editing by Maju Samuel)
 ((Juveria.Tabassum@thomsonreuters.com;))