Shares in Royal Caribbean Cruises Ltd (NYSE:RCL) were poised to reach their highest level since the pandemic, on Thursday, after posting another quarterly earnings beat and guiding to strong growth in 2024.
The Miami-based group reported earnings per share of $1.06 for the fourth quarter of 2023, compared to a net loss of $1.96 a year earlier.
For the whole of 2023, EPS came to $6.31 or $6.77 on an adjusted basis, which was better than the company's guidance due to stronger 'close-in' demand, meaning customers are deciding to book their cruises at a later stage, closer to the sailing date.
This year, the cruise operator said it expects adjusted EPS to grow 40% to $9.50-9.70, with the current 'Wave season' of peak bookings said to be enjoying a record start.
"2023 was an exceptional year, propelled by unmatched demand for our brands from new and loyal guests," said CEO Jason Liberty.
"With the wind in our sails and record-breaking bookings, 2024 is poised to be another robust year."
Based on current bookings, ships will be more fully loaded with passengers and rates for 2024 are higher than "all prior years", it said, while costs per passenger, excluding fuel, are expected to increase 3.75-4.25% at constant currencies
Shares in the company peaked at just over $135 in January 2020 before sinking to below $25 during the initial months of the pandemic as the cruise industry was at the epicentre of some Covid breakouts.
In 2023, its shares rose from near $50 to near $130 recently, with pre-market trading on Thursday seeing them change hands at $132 for the first time in four years.