Royal Caribbean (NYSE:RCL) earnings for the cruise company’s second quarter of 2020 have RCL stock heading higher on Monday. That comes after reporting adjusted losses per share of $6.13 on revenue of $175.61 million. For comparison, Wall Street was expecting a loss of $4.82 per share on revenue of $43.5 million.
Here are some additional highlights from the most recent Royal Caribbean earnings report.
- Adjusted per-share losses are a massive drop compared to adjusted EPS of $2.54 in the same period of the year prior.
- Revenue for the quarter is sitting 93.7% lower than the $2.81 billion reported in Q2 2019.
- Operating loss of $1.28 billion is a negative change year-over-year from an operating income of $573.65 million.
- The Royal Caribbean earnings report also has it bringing in a net loss of $1.63 billion.
- That’s a major decline from the company’s net income of $480 million from the same time last year.
Richard Fain, chairman and CEO of Royal Caribbean, said the following in the earnings report.
“The COVID-19 pandemic is posing an unprecedented challenge to our industry and society. Our teams are working tirelessly to return to service soonest and doing so by developing new health and safety protocols to protect the well-being of our guests, crew and destinations we visit. In the meantime, we are using this time to refine our operations to be as efficient as we can while providing the great experiences that so many people are eagerly awaiting.”
Royal Caribbean doesn’t provide specific guidance for the rest of the year. What it does say is it expects to report adjusted losses during the third quarter and for the full year of 2020.
RCL stock was up 10.2% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.