(Reuters) – Royal Caribbean Group on Thursday beat Wall Street estimates for quarterly revenue, helped by strong demand for leisure travel.
The industry has been steadily cruising toward full occupancy after a near 18-month shutdown, with demand from loyal patrons proving a silver lining for cruise operators which are dealing with higher fuel prices and record debt levels.
Royal Caribbean said it returned its entire global fleet back to operations and reported positive operating cash flow and core earnings during the second quarter.
The cruise operator’s revenue rose to $2.18 billion for the second quarter from $50.9 million a year earlier. Analysts, on average, had expected $2.11 billion, according to IBES data from Refinitiv.
Net loss narrowed to $521.6 million, or $2.05 per share, for the quarter ended June 30, from $1.35 billion or $5.29 per share, a year earlier.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Shounak Dasgupta)
