Royal Caribbean (NYSE:RCL) stock is gaining after the company posted positive news in its earnings report for the second quarter of 2022.
In that earnings report, Royal Caribbean provided investors with an outlook for its third quarter of the year. According to the cruise company, it should return to profitability after struggling through lockdowns during the Covid-19 pandemic.
Royal Caribbean’s outlook for the third quarter of 2022 includes adjusted earnings per share ranging from 5 cents to 25 cents. While that’s still below Wall Street’s estimate of 91 cents per share, the planned return to profits is still pushing RCL stock higher today.
RCL Stock Jumps on Q2 Beats
The company’s adjusted EPS of -$2.05 is also giving RCL stock a boost today. That’s thanks to it being better than the -$2.20 per share that analysts were expecting. It’s also an improvement over the -$5.29 reported in the same period of the year prior.
Royal Caribbean also reported revenue of $2.18 billion in the second quarter of 2022. That’s above the $2.11 billion in revenue that Wall Street was expecting. It’s also better than the $50.91 million reported during Q2 2021.
Jason Liberty, president and CEO of Royal Caribbean, said the following in the earnings report.
“We reached two important milestones in our recovery this quarter – returning our entire global fleet back to operations and delivering positive operating cash flow and EBITDA.”
RCL stock is up 6.2% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.