Royal Caribbean Group raised its full-year profit forecast, banking on elevated ticket prices as well as steady demand from affluent customers for leisure travel
Royal Caribbean Group lifted its full-year profit forecast for a third time on Thursday, banking on elevated ticket prices as well as steady demand from affluent customers for leisure travel. Shares of the Miami, Florida-based company rose following the news.
The company expects annual adjusted profit between $6.58 and $6.63 per share, compared with its earlier forecast of $6.00 to $6.20. Peer Carnival in September narrowed its annual loss forecast and swung to a third-quarter profit, benefiting from bumped up ticket prices and robust demand, but investors showed deep concerns around steeper fuel costs.
Rival Norwegian Cruise Line will be reporting third-quarter earnings on Nov. 1. Shares of Norwegian Cruise Line and Carnival were up 1.2% and 2.8%, respectively, following Royal Caribbean's results. Royal Caribbean's quarterly total revenue rose 39% to $4.16 billion, compared with estimates of $4.08 billion, according to LSEG data. GET FOX BUSINESS ON THE GO BY CLICKING HERE The company also expects an adjusted profit between $1.05 and $1.
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