The earnings call reflected a strong financial performance with significant improvements in yield and earnings guidance, record cash flow, and strategic expansions. However, challenges such as the impact of Hurricane Milton and increased costs due to drydock days and stock-based compensation were noted.

Company Guidance

During Royal Caribbean's third-quarter 2024 earnings call, the company provided optimistic guidance for the full year, anticipating a yield increase of over 11% and earnings growth exceeding 70%. The company expects to generate more than $3.3 billion in cash flow, supported by a return to a fully unsecured capital structure. For the fourth quarter, net yield growth is projected to be between 5.1% and 5.6%, with adjusted earnings per share ranging from $11.57 to $11.62, alongside EBITDA margins more than 300 basis points higher than the previous year. Looking ahead to 2025, Royal Caribbean expects capacity growth of 5% and anticipates earnings to start with a $14 handle, driven by strong demand, moderate yield growth, and cost control. The company highlighted significant investments in new ships and private destinations, such as Perfect Day Mexico, and continues to see strong demand from new and returning customers across its itineraries.

Increased Full Year Yield and Earnings Guidance

The company increased its full year yield and earnings guidance, driven by better-than-expected results for the third quarter and an improved outlook for the fourth quarter. Full year yield is expected to be up by more than 11% and earnings by more than 70%.

Record Cash Flow and Capital Structure Achievements

Royal Caribbean is on track to deliver more than $3.3 billion of cash flow this year and has returned to a fully unsecured capital structure, which supports growth ambitions and expanding capital allocation.

Launch of Utopia of the Seas and Expansion Plans

The launch of Utopia of the Seas has exceeded expectations for both ticket prices and onboard revenue. Additionally, the company announced plans for a fourth icon class ship and expansions of private destinations in Mexico and Chile.

Strong Onboard Revenue Performance

Onboard revenue continues to grow, with more than 70% of guests purchasing onboard activities before sailing, spending more than double compared to those who purchase onboard.

Positive Market Demand and Consumer Trends

The company continues to see strong demand for its experiences, especially among millennials, families, and active cruisers, with cruise purchase intent remaining high.

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Royal Caribbean (GB:0I1W) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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GB:0I1W Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 28, 2025	2024 (Q4)	1.49 / -	1.25	―	―	―
Oct 29, 2024	2024 (Q3)	5.04 / 5.20	3.85	35.06% (+1.35)
Jul 25, 2024	2024 (Q2)	2.76 / 3.21	1.82	76.37% (+1.39)
Apr 25, 2024	2024 (Q1)	1.33 / 1.77	-0.23	869.57% (+2.00)
Feb 01, 2024	2023 (Q4)	1.14 / 1.25	-1.12	211.61% (+2.37)
Oct 26, 2023	2023 (Q3)	3.46 / 3.85	0.26	1380.77% (+3.59)
Jul 27, 2023	2023 (Q2)	1.57 / 1.82	-2.08	187.50% (+3.90)
May 04, 2023	2023 (Q1)	-0.69 / -0.23	-4.57	94.97% (+4.34)
Feb 07, 2023	2022 (Q4)	-1.33 / -1.12	-4.78	76.57% (+3.66)
Nov 03, 2022	2022 (Q3)	0.20 / 0.26	-4.91	105.30% (+5.17)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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GB:0I1W Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 29, 2024	$202.65	$208.90	+3.08%
Jul 25, 2024	$165.37	$154.86	-6.36%
Apr 25, 2024	$136.77	$136.87	+0.07%
Feb 01, 2024	$127.55	$124.83	-2.13%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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