[ACCESSWIRE]
Upcoming AWS Coverage on Las Vegas Sands Post-Earnings Results
LONDON, UK / ACCESSWIRE / November 8, 2016 / Active Wall St. announces its post-earnings coverage on Royal Caribbean Cruises Ltd (NYSE: RCL). The company posted its financial results for the third quarter fiscal 2016 (Q3 FY16) on October 28, 2016. The second-largest U.S. cruise operator's earnings rose 13%, beating expectations. Register with us now for your free membership at: http://www.activewallst.com/register/.
One of Royal Caribbean Cruises' competitors within the Resorts & Casinos space, Las Vegas Sands Corp. (NYSE: LVS), reported on November 03, 2016, financial results for the quarter ended September 30, 2016. AWS will be initiating a research report on Las Vegas Sands in the coming days.
Today, AWS is promoting its earnings coverage on RCL; touching on LVS. Get our free coverage by signing up to:
http://www.activewallst.com/registration-3/?symbol=RCL
http://www.activewallst.com/registration-3/?symbol=LVS
Earnings Reviewed
Earnings Figures
For the quarter ended on September 30th, 2016, Royal Caribbean reported net income of $693.3 million, or $3.21 per share, compared to $228.8 million, or $1.03 per share, in Q3 2015. The Q3 2016 number includes $399.3 million in non-cash impairment charges related to the Pullmantur brand that was taken last year. Adjusted net income for Q3 2016 was $690.9 million, or $3.20 per share, up 13% versus same quarter last year and $0.10 better than the company' guidance and above analysts' estimates of $3.10. For Q3 2016, the cruise operator's revenue increased to $2.56 billion from $2.52 billion, slightly below analysts' projections of $2.58 billion.
Operating Metrics
During Q3 2016, Royal Caribbean's net revenue yields, which consider spending per available berth, rose 0.4%, driven mainly by strong close-in demand for North American itineraries. Net Yields on a constant currency basis increased 2.9% during Q3 2016, which was better than the cruise operator's guidance. Growth in onboard revenue continued to outpace overall net yield growth, despite an extraordinary outperformance last summer. During Q3 2016, Net Cruise Costs ("NCC"), excluding fuel, were down 1.6% on a constant currency basis and down 2.0%, on reported basis, in-line with guidance. Bunker pricing net of hedging for Q3 2016 was $524 per metric ton and consumption was 341,000 metric tons.
Cash Matters
As of September 30, 2016, Royal Caribbean had liquidity of $1.1 billion, including cash and the undrawn portion of the company's unsecured revolving credit facilities. The company noted that scheduled debt maturities for the remainder of 2016, 2017, 2018, 2019, and 2020 are $0.3 billion, $1.3 billion, $2.2 billion, $0.8 billion, and $1.7 billion, respectively.
Capital Expenditures
Based upon current ship orders, Royal Caribbean projected capital expenditures for full year 2016, 2017, 2018, 2019, and 2020 are $2.4 billion, $0.5 billion, $2.6 billion, $1.5 billion, and $2.0 billion, respectively. Capacity changes for 2016, 2017, 2018, 2019, and 2020 are expected to be 3.3%, -1.7%, 3.3%, 7.4% and 3.5%, respectively.
Outlook
For Q4 FY16, Royal Caribbean expects its per-share earnings to be $1.20. The company expects FY16 earnings in the range of $6 per share to $6.10 per share. Royal Caribbean added that itineraries for 2017 are booked ahead of last year in both rate and volume. Net yields are expected to be up 4.0% or better on a constant currency basis. NCC, excluding fuel, is expected to be up approximately 1.0% on a constant currency basis.
Stock Performance
On Monday, November 07, 2016, Royal Caribbean Cruises' stock closed the trading session at $76.48, rising 1.66% from its previous closing price of $75.23. A total volume of 2.23 million shares have exchanged hands. The company's stock price advanced 3.79% in the last month, 11.62% in the past three months, and 2.64% in the previous six months. The stock is trading at a PE ratio of 13.48 and has a dividend yield of 2.51%.
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SOURCE: Active Wall Street
