Royal Caribbean Cruises Ltd. (RCL) reported that its net income for the third quarter 2014 was $490.2 million or $2.19 per share, up from $365.7 million or $1.65 per share in 2013.
Adjusted net income for the third quarter of 2014 was $492.9 million, or $2.20 per share, compared to Adjusted net income of $377 million, or $1.71 per share, in the third quarter of 2013. On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $2.19 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the third-quarter rose to $2.39 billion from $2.31 billion in the previous year. Wall Street analysts had a consensus revenue estimate of $2.40 billion.
Net Yields on a Constant-Currency basis increased 4.2% during the quarter. Onboard and Other Revenue drove the slight upside, particularly in Europe and Alaska, with onboard revenue yields also increasing 4.4% during the quarter.
Constant-Currency NCC excluding fuel decreased 1.2% mainly due to timing. Bunker pricing net of hedging for the third quarter was $688 per metric ton and consumption was 335,000 metric tons.
Constant-Currency Net Yields are expected to be up approximately 3.5% in the fourth quarter of 2014 and NCC excluding fuel are expected to be up in the range of 2% to 3%. TUI Cruises' additional capacity continues to be a key contributor to earnings for the fourth quarter.
Based on current fuel pricing, interest rates and currency exchange rates and the factors, the company expects fourth quarter Adjusted earnings per share to be in the range of $0.35 to $0.40 per share. Analysts project fourth-quarter earnings of $0.46 per share for the fourth-quarter.
The company expects full year 2014 adjusted earnings per share to be approximately $3.45 per share. Analysts project annual earnings per share of $3.51. Constant-Currency Net Yields are expected to increase approximately 2.5%, consistent with the mid-point of previous guidance. NCC excluding fuel are expected to be flat to slightly down on a Constant-Currency basis, consistent with prior guidance.
The company said in July that it expected adjusted earnings to be in the range of $3.40 to $3.50 per share for fiscal 2014.
Early bookings for 2015 are robust and the current order book is better than at the same time last year in both volume and price. The company has sufficient visibility into 2015 to say that it is comfortable with the Street consensus of $4.55 per share. That would represent more than a 30% increase over this year's record profitability.
Analysts expect earnings of $4.60 per share for fiscal 2015.
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