Free Post Earnings Research Report: Royal Caribbean Cruises’ Q1 Bottom-Line Beat Market Estimates
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LONDON, UK / ACCESSWIRE / May 18, 2018 / If you want access to our free earnings report on Royal Caribbean Cruises Ltd (NYSE: RCL), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RCL. The Company posted its financial results on April 26, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18). The Miami-based Company's adjusted diluted earnings per share (EPS) grew on a y-o-y basis, outperforming market consensus estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Royal Caribbean Cruises most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
During the quarter ended March 31, 2018, Royal Caribbean Cruises reported total revenues of $2.03 billion compared to $2.01 billion recorded at the end of Q1 FY17. However, the Company's revenue numbers for Q1 FY18 lagged market consensus estimates of $2.05 billion. The Company's net revenues increased to $1.64 billion in Q1 FY18 from $1.59 billion in Q1 FY17.
The Company's passenger ticket revenues were $1.43 billion in Q1 FY18, which came in above the $1.42 billion recorded in the previous year's same period. Moreover, the Company's onboard and other revenues increased to $602.11 million in Q1 FY18 from $590.34 million in Q1 FY17.
The cruise vacation Company's GAAP net income improved to $218.65 million, or $1.02 per diluted share, in Q1 FY18 from $214.73 million, or $0.99 per diluted share, in Q1 FY17. The Company's adjusted net income came in at $232.76 million, or $1.09 per diluted share, in the reported quarter compared to $214.73 million, or $0.99 per diluted share, in Q1 FY17. Meanwhile, Wall Street had expected the Company to report an adjusted net income of $0.96 per diluted share.
Operational Metrics
For the reported quarter, Royal Caribbean Cruises' total cruise operating expenses remained flat at $1.18 billion. The Company's marketing, selling, and administrative expenses amounted to $337.36 million during the reported quarter, up from $317.47 million in the year ago comparable quarter. The Company's operating income came in at $274.15 million in Q1 FY18 compared to $279.52 million in Q1 FY17.
For the reported quarter, the Company's available passenger cruise days (APCD) was 8.92 million compared to 9.28 million in the prior year's corresponding quarter. The cruise operator's occupancy rate stood at 108.0% in Q1 FY18 versus 107.3% in Q1 FY17. Furthermore, the Company's net yields (net revenues per APCD) stood at $183.68 in Q1 FY18 compared to $171.60 in Q1 FY17.
Cash Flow and Balance Sheet
During Q1 FY18, the Company's net cash provided by operating activities was $924.12 million compared to $796.53 million in the prior year's same period. At the close of books on March 31, 2018, Royal Caribbean Cruises had cash and cash equivalents of $111.25 million compared to $120.11 million at the close of books on December 31, 2017. The Company's long-term debt increased to $5.20 billion as on March 31, 2018, compared to $4.85 billion as on December 31, 2017.
Dividend
In a separate press release on May 09, 2018, Royal Caribbean Cruises' Board of Directors declared a quarterly dividend of $0.60 per common share, payable on July 03, 2018, to shareholders of record at the close of business on June 04, 2018.
In the same press release, the Company's Board of Directors also approved the repurchase of $1 billion of its common stock over the next two years. Moreover, in Q1 FY18, the Company completed the $500 million share repurchase program authorized a year ago.
Outlook
In its guidance for the full year FY18, Royal Caribbean Cruises' management expects net yield increase to be in the range of 2.0% to 3.75% on a constant currency basis, and approximately 4.0% on an as-reported basis. The Company's adjusted EPS is now projected to be between $8.70 and $8.90 for FY18, $0.15 above the previous guidance.
For Q2 FY18, the Company forecasts net yield to be up by 1.5% to 2.0% on a constant currency basis, and by approximately 11.5% compared to Q2 FY17. Furthermore, the Company projects adjusted EPS to be in the band of $1.85 to $1.90 for Q2 FY18.
Stock Performance Snapshot
May 17, 2018 - At Thursday's closing bell, Royal Caribbean Cruises' stock slightly declined 0.59%, ending the trading session at $107.35.
Volume traded for the day: 1.74 million shares, which was above the 3-month average volume of 1.69 million shares.
Stock performance in the past twelve-month period – up 3.57%
After yesterday's close, Royal Caribbean Cruises' market cap was at $22.33 billion.
Price to Earnings (P/E) ratio was at 14.20.
The stock has a dividend yield of 2.24%.
The stock is part of the Services sector, categorized under the Resorts & Casinos industry.
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