Royal Caribbean Improves Earnings Estimates

Friday, October 11, 2002
Royal Caribbean Cruises Ltd. has provided an update on the current outlook for bookings and yields. During 2002, as booking patterns improved, analysts have raised their earnings estimates, which currently average $0.85 for the third quarter. Since the company's last update, bookings have continued to strengthen and costs have fallen. As a result, the company now expects reported third quarter earnings to be in the range of $0.98 to $0.99 per share, including a charge of $20 million, or $0.10 per share recorded in connection with a previously disclosed potential litigation settlement. The better-than-expected earnings are the results of an improved revenue environment and higher-than-anticipated cost savings. Net yields (net revenue per available passenger cruise day) for the quarter were down about 1.7 percent from the third quarter of 2001. The third quarter's lower costs werethe results of the company's continued focus on cost savings, as well as the timing of certain expenses that will now be incurred in the fourth quarter. Bookings for the fourth quarter continue have been reported to meet the company's expectations, but the pattern of customers booking their cruises late also continues. The trend to later bookings exacerbates the difficulty of forecasting results. Full year earnings for 2002 are expected to be in the range of $1.55 to $1.60 per share, including the settlement charge referred to above. All figures mentioned do not include any amounts related to the proposed DLC combination with P&O Princess.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0704 sec (14 req/sec)