Royal Caribbean Cruises (NYSE:RCL) Updates FY24 Earnings Guidance

Royal Caribbean Cruises (NYSE:RCL) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $10.70 to $10.90 for the period, compared to the consensus earnings per share estimate of $10.00. Royal Caribbean Cruises also updated its FY 2024 guidance to 10.700-10.900 EPS.

Royal Caribbean Cruises Stock Up 2.3 %

Shares of Royal Caribbean Cruises stock traded up $3.12 on Friday, reaching $140.59. 2,759,875 shares of the company were exchanged, compared to its average volume of 2,933,396. Royal Caribbean Cruises has a 1-year low of $59.38 and a 1-year high of $141.70. The company has a market cap of $36.09 billion, a P/E ratio of 18.12, a price-to-earnings-growth ratio of 0.46 and a beta of 2.52. The company has a debt-to-equity ratio of 3.54, a current ratio of 0.19 and a quick ratio of 0.16. The stock’s 50 day moving average price is $130.20 and its 200-day moving average price is $117.47.

Royal Caribbean Cruises (NYSE:RCL) last announced its quarterly earnings data on Thursday, April 25th. The company reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.44. Royal Caribbean Cruises had a return on equity of 51.54% and a net margin of 14.28%. The business had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $3.69 billion. During the same period in the previous year, the company posted ($0.23) earnings per share. The business’s revenue for the quarter was up 29.2% on a year-over-year basis. As a group, equities analysts forecast that Royal Caribbean Cruises will post 10.8 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Wells Fargo & Company boosted their target price on Royal Caribbean Cruises from $153.00 to $159.00 and gave the stock an overweight rating in a research note on Friday. Barclays boosted their target price on Royal Caribbean Cruises from $154.00 to $165.00 and gave the stock an overweight rating in a research note on Friday. The Goldman Sachs Group restated a buy rating on shares of Royal Caribbean Cruises in a research note on Monday, April 1st. Macquarie boosted their target price on Royal Caribbean Cruises from $145.00 to $160.00 and gave the stock an outperform rating in a research note on Friday, March 15th. Finally, Morgan Stanley boosted their target price on Royal Caribbean Cruises from $100.00 to $115.00 and gave the stock an equal weight rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $138.76.

Insider Transactions at Royal Caribbean Cruises

In related news, CEO Michael W. Bayley sold 11,753 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $116.01, for a total transaction of $1,363,465.53. Following the transaction, the chief executive officer now owns 166,537 shares of the company’s stock, valued at $19,319,957.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Michael W. Bayley sold 11,753 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $116.01, for a total transaction of $1,363,465.53. Following the transaction, the chief executive officer now owns 166,537 shares of the company’s stock, valued at $19,319,957.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jason T. Liberty sold 50,000 shares of the company’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $139.63, for a total value of $6,981,500.00. Following the transaction, the chief executive officer now directly owns 153,017 shares in the company, valued at approximately $21,365,763.71. The disclosure for this sale can be found here. Company insiders own 8.70% of the company’s stock.

About Royal Caribbean Cruises

Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands, which comprise a range of itineraries. As of February 21, 2024, it operated 65 ships. Royal Caribbean Cruises Ltd.