Royal Caribbean 2Q Profit Rises Fivefold

MIAMI (AP) -

Shares of Royal Caribbean Cruises Ltd. rose to an all-time high on Thursday, after it reported earnings that rose fivefold in its second quarter, and topped analysts’ expectations.

The cruise operator also boosted its earnings outlook for the year. It now expects earnings between $3.40 per share and $3.50 per share, up from its previous guidance range of $3.25 per share to $3.45 per share. That’s above the $3.40 per share analysts are expecting, according to a poll by FactSet.

The Miami-based company said profit increased to $137.7 million, or 62 cents per share, from $24.7 million, or 11 cents per share, in the same quarter a year earlier.

Earnings, adjusted for one-time gains and costs, came to 66 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 53 cents.

The company said revenue climbed 5.2 percent – to $1.98 billion from $1.88 billion – from the same quarter a year ago, and missed Wall Street forecasts. Analysts had expected $1.99 billion, according to Zacks.