MIAMI – Royal Caribbean Cruises said Fri- day that its first-quarter profit more than doubled from the same period a year before as more people cruised on its ships and spent more money while onboard.
The company also said it now expects bet- ter earnings for the year than it previously expected. Its shares rose more than two percent in morning trading.
Royal Caribbean said its ships carried more than 1.4 million on its ships during the three months ending March 31, up five percent from the same period a year ago. Besides its namesake cruises, Royal Caribbean Cruises Ltd. also owns Celebrity Cruises, Pullmantur, Azamara Club Cruises and CDF Croisières de France.
The company reported earnings of $99.1 million, or 46 cents per share, in the three months ending March 31, compared with $45.2 million, or 20 cents per share, in the same period a year ago.
Earnings, adjusted for non-recurring costs and restructuring costs, came to 57 cents per share, beating Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.
The Miami company said revenue rose about six percent to $1.92 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $1.91 billion. Ticket revenue rose more than five percent and onboard revenue rose six percent.
Royal Caribbean now expects full-year earnings to between $6.15 per share and $6.35 per share, surpassing the $6.09 per share analysts expected, according to FactSet. Royal Caribbean previously expected earnings between $5.90 per share and $6.10 per share.