美股異動 | Q3 營收及新財年展望不及預期 皇家加勒比郵輪暴跌超 8%
Royal Caribbean Cruises' stock price plummeted over 8%, closing at $294.6, due to Q3 revenue and new fiscal year outlook falling short of expectations. Although Q3 earnings exceeded expectations, revenue grew by 4.3% to $5.14 billion, which was below the market expectation of $5.17 billion. The full-year earnings guidance was raised to $15.58–$15.63, still below the market estimate of $15.69. As a result, stocks of Carnival Corporation and Norwegian Cruise Line also declined
According to Zhitong Finance APP, on Tuesday, Royal Caribbean Cruises (RCL.US) stock price fell, dropping over 8% to $294.6 as of the time of writing. Despite the company's third-quarter earnings exceeding expectations and raising its full-year guidance, the stock plummeted due to revenue and outlook for the next quarter and new fiscal year falling short of market expectations. Affected by Royal Caribbean Cruises, Carnival Corporation (CCL.US) fell over 4.7%, Norwegian Cruise Line (NCLH.US) dropped over 4.8%, and Viking Holdings (VIK.US) declined over 2.5%.
In the third quarter, the cruise operator saw improvements in key operational metrics: occupancy rates, passenger numbers, and average cruise days all increased compared to last year; ticket revenue and onboard spending also rose year-on-year, driving total revenue up 4.3% to $5.14 billion, slightly below the market consensus of $5.17 billion.
Thanks to controlling labor, dining, and fuel costs, the quarterly earnings per share (EPS) rose to $5.75, an 11% year-on-year increase, and 7 cents higher than market expectations, with adjusted EBITDA at $2.3 billion, a 7% year-on-year growth.
Ending liquidity was $6.8 billion, slightly down from $7.1 billion in the previous quarter, but sufficient to cover maturing debt. Due to an increase in debt in the third quarter, the company raised its full-year interest expense guidance from $930 million–$940 million to $945 million–$955 million.
Looking ahead to the fourth quarter, Royal Caribbean expects capacity to grow by 10.3% due to the delivery of the new ship "Star of the Seas" and the inaugural sailing of "Celebrity Xcel" next month, while costs are expected to decrease by 5.7%-6.2% year-on-year. The company anticipates adjusted earnings per share for Q4 to be $2.74–$2.79, nearly doubling from last year but below the market estimate of $2.90.
The full-year earnings guidance was raised to $15.58–$15.63 (previously $15.41–$15.55), still below the market estimate of $15.69. CEO Jason Liberty stated that strong booking conditions give the company confidence for 2026 and beyond, expecting earnings per share to exceed $17 in 2026. However, the current market consensus estimate for 2026 is higher, exceeding $18.21
