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The company was profitable in just one quarter in fiscal 2023 and reported a $74 million net loss for that year. It also reported a $214 million operating loss because of high interest expenses. Additionally, health experts blamed the close quarters within cruise ships for the rapid spread of COVID-19 during the beginning of the pandemic. That led to the shutdowns in early 2020 that persisted for more than a year. Still, the fact that the industry didn't suffer permanent reputational damage from such health concerns augurs well for the stock. The cruise operator's fourth-quarter revenue rose nearly 28% to $3.33 billion, slightly below analysts' forecast of $3.36 billion, according to LSEG data.
NYSE: CCL
Cruise stocks rallied in intraday trading Tuesday after a strong earnings report and forecast from Norwegian Cruise Line Holdings (NCLH). 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. Royal Caribbean Cruises Ltd. was founded in 1968 and is headquartered in Miami, Florida.
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All thanks to record booking trends driven by strong consumer demand for cruising. Even Barron’s recently noted that CCL’s recent pullback is an opportunity worth buying. JPMorgan also raised its price target to $23 with an overweight rating on the stock.
FIRST CELEBRITY CRUISES GUESTS ENJOY PERFECT DAY AT COCOCAY
'Mad Money' host Jim Cramer looks at today's market winners and losers. Together, with its first Community Impact Report, the company details its progress its net-zero ambitions and supporting the communities it visits MIAMI , April 22, 2024 /PRNewswire/ -- Today, Royal ... Upgrade to MarketBeat All Access to add more stocks to your watchlist. Sign-up to receive the latest news and ratings for Royal Caribbean Cruises and its competitors with MarketBeat's FREE daily newsletter.
In the first quarter of fiscal 2024 (ended Feb. 29), occupancy returned to 102%. The cruise industry defines 100% occupancy as having two passengers in every cabin, so the fact that average occupancy per cabin exceeds two bodes well for the company. With earnings, for fiscal year 2023, the company posted a 32% jump in revenue, as compared to 2019. In addition, advance ticket sales at the close of 2023 were up 56% from 2019 to $3.2 billion.
Carnival Corp (CCL 3.29%), with 43% of all world cruise passenger traffic, is the market leader, well ahead of cruise line companies like Royal Caribbean and Norwegian Cruise Line Holdings. Royal Caribbean also said the wave season was off to a record start, as it forecast 2024 adjusted profit between $9.50 and $9.70 per share, above estimates of $9.19 per share. The Celebrity and Silversea Cruises operator carried over 7.6 million passengers in 2023, a nearly 17% increase from pre-pandemic levels.
Carnival (CCL)
The benefit is only available for the stateroom in which the shareholder (with a minimum of 100 shares) is sailing. Onboard credit is applied on a per stateroom basis, double occupancy. If shares are held jointly, 100 shares are required for each onboard credit request on any one sailing. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Shares of Royal Caribbean sunk to a one-month low Tuesday morning, dropping more than 5% on the day following a string of troubling incidents, a setback for the world's biggest cruise line as it looks... The cruise industry has made a comeback, and Royal Caribbean is leading the charge. Inaugural calls by Celebrity Reflection and Celebrity Beyond usher in offering of short, premium Caribbean getaways MIAMI , April 23, 2024 /PRNewswire/ -- Celebrity Cruises® guests visited Perfect Day... This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. "2023 was an exceptional year, propelled by unmatched demand for our brands from new and loyal guests," said CEO Jason Liberty, adding 2024 was poised to be "another robust year".
Cruise stocks pull back after record 2023 gains, led by Norwegian, Royal Caribbean share selloffs - MarketWatch
Cruise stocks pull back after record 2023 gains, led by Norwegian, Royal Caribbean share selloffs.
Posted: Tue, 02 Jan 2024 08:00:00 GMT [source]
The shutdowns forced Carnival (and its peers) to accumulate tens of billions in new debt to remain in business and prevented it from earning significant revenue. At the end of fiscal 2022, Carnival had almost $36 billion in total debt, compared to just $7 billion in shareholders' equity. This led to questions about whether investors would buy a stock burdened with such heavy debt obligations.
Benefit is non-transferable and not available to employees of Royal Caribbean Group or its subsidiaries and affiliates. Benefit cannot be redeemed for chartered sailings, any Galapagos sailings or complimentary sailings. Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999. Carnival is also attractive on its latest pullback to $14.12 after testing a high of $17.68.
Or, if you’d rather just stick with some of the top, oversold individual cruise stocks, here are three top ones you may want to consider buying immediately. Last trading at $21.38, I’d like to see it initially retest $23 a share immediate term. In addition, many of these risks and uncertainties are currently heightened by and will continue to be heightened by, or in the future may be heightened by, the COVID-19 pandemic. Gain deeper insights into company revenues with a detailed analysis of revenue sources. Explore the updated Options feature, providing in-depth data, and a 3D viewing option.
This puts Richard D. Fain in the top 30% of approval ratings compared to other CEOs of publicly-traded companies. With average gains of 150% since the start of 2023, now is the time to give these stocks a look and pump up your 2024 portfolio. Analyst initiates coverage of Royal Caribbean Cruises with Buy rating and price target of $164. With the net losses, it does not have a price-to-earnings (P/E) ratio, and its price-to-sales (P/S) ratio is 0.8. Since the beginning of the pandemic, the sales multiple has never fallen below 0.7.
Moreover, with the company's continuing struggles and growth set to level off as it returns to full capacity, Carnival's stock has fallen by nearly 23% this year. One bright spot for the company is the record number of passenger bookings. Although Carnival's recovery isn't a surprise, some of the results may not have been expected.
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