: Royal Caribbean stock soars toward a more than 3-year high after earnings beat, big bump up in outlook

Shares of Royal Caribbean Group RCL ran up 8.0% toward a more than three-year high in premarket trading Thursday, after the cruise operator beat second-quarter profit and revenue expectations and gave a big boost to its full-year outlook, amid strong pricing and strength in onboard revenue. The company swung to net income for $458.8 million, or $1.70 a share, from a loss of $521.6 million, or $2.05 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.82 beat the FactSet consensus of $1.57. Total revenue grew 61.3% to $3.52 billion, above the FactSet consensus of $3.41 billion, as onboard revenue jumped 40.9% to $1.08 billion and passenger ticket revenue increased 72.3% to $2.44 billion. Bookings remain “significantly higher” than pre-COVID 2019 levels, and at record pricing. For 2023, the company raised its guidance ranges for adjusted EPS to $6.00 to $6.20 from $4.40 to $4.80 and for net yields compared with 2019 to 11.5% to 12.0% from 6.25% to 7.25%. The stock has rocketed 104.1% year to date through Wednesday, while the S&P 500 SPX has advanced 18.9%.

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