The company has a market cap of $20,829 million.
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Royal Caribbean increased the adjusted EPS guidance for 2015 backed by higher booking numbers and increased capacity in key markets. The company’s stock had a trading volume of 2,670,661 shares.
Royal Caribbean Cruises (NYSE:RCL) shares hit a new 52-week high on Friday following a stronger than expected earnings report, MarketBeat.com reports.
4 The cruise line operator’s Q3 EPS grew 29% to $2.84, beating by 13 cents, on strong demand in Europe, Asia and the Caribbean. The business earned $2.52 billion during the quarter, compared to analyst estimates of $2.53 billion. William Blair reissued an “outperform” rating on shares of Royal Caribbean Cruises in a research note on Wednesday. Altimeter Capital Management Lp, a Massachusetts-based fund reported 1.24 million shares.
Total cruise operating expenses decreased roughly 2.8% year over year to $1.39 billion mainly due to a drop in onboard and other expenses, other operating costs and fuel costs.
Additionally, the company announced that it expects to implement an orderly program to repurchase up to $500 million of its common stock.
It will also right-size the brand’s fleet, by returning Pullmantour’s Empress to Royal Caribbean in February; the ship will sail again as Empress of the Seas. Investors of record on Friday, September 18th were issued a dividend of $0.375 per share. According to Royal Caribbean chairman Richard Fain, “Even though we are disappointed to have such a large non-cash charge related to Pullmantur, we are enthusiastic about the overall strength of our brands and our ability to continue our dramatic profitability growth”. The company had previously forecasted yield growth of 3.5-4%. This quarter’s results are expected to be higher than a year ago.
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Since June 1, 2015, the stock had 0 buys, and 7 insider sales for $15.88 million net activity. In addition, it has a 50% investment in a joint venture, which operates the brand TUI Cruises, tailored for the German market. If the $126.66 price target is reached, the company will be worth $6.26 billion more. The Company’s ships operate on a range of global itineraries, which call on approximately 455 destinations on all seven continents. These brands are complemented by its Pullmantur brand, which has been custom tailored to serve the cruise markets in Spain, Portugal and Latin America, and its CDF Croisieres de France brand, which provides it with a custom tailored product targeted at the French market.
