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Royal Caribbean Cruises Ltd. Reports Operating Results (10-Q)

July 27, 2012 | About:
10qk

10qk

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Royal Caribbean Cruises Ltd. (RCL) filed Quarterly Report for the period ended 2012-06-30.

Royal Caribbean Cruises Ltd. has a market cap of $5.32 billion; its shares were traded at around $24.66 with a P/E ratio of 9 and P/S ratio of 0.7. The dividend yield of Royal Caribbean Cruises Ltd. stocks is 1.6%. Royal Caribbean Cruises Ltd. had an annual average earning growth of 4.8% over the past 10 years. GuruFocus rated Royal Caribbean Cruises Ltd. the business predictability rank of 3-star.

Highlight of Business Operations:

Onboard and other revenues included concession revenues of $67.1 million in 2012 compared to $65.4 million for the same period in 2011. The increase in concession revenues was due to the increase in capacity mentioned above and, to a lesser extent, an increase in spending on a per passenger basis.

Net Yields increased 1.8% in 2012 compared to 2011 primarily due to an increase in ticket prices, an increase in revenue associated with Pullmanturs land-based tours, hotel and air packages and to the changes to our international distribution system. Net Yields increased 4.5% in 2012 compared to 2011 on a Constant Currency basis.

Total revenues for 2012 increased $215.6 million or 6.3% to $3.7 billion from $3.4 billion in 2011. Approximately $124.8 million of the increase in total revenues was driven by an increase in ticket prices partially attributable to certain deployment initiatives including, but not limited to, increased deployment in Australia and China, and to an increase in Pullmanturs land-based tours, hotel and air packages. The increase in Pullmanturs land-based tours, hotel and air packages revenue was attributable to the addition of new itineraries. Approximately $80.6 million of the increase in total revenues was driven by the changes to our international distribution system described above. In addition, $73.0 million of this increase was attributable to a 2.1% increase in capacity. The increase in capacity was primarily due to the addition of Celebrity Silhouette which entered service in July 2011. This increase in capacity was partially offset by the completion of our one-year charter of the Bleu de France in November 2011 following its sale to a third party in November 2010. As previously disclosed, we consolidate the operating results of Pullmantur and its wholly-owned brand, CDF Croisières de France, on a two-month lag to allow for more timely preparation of our consolidated financial statements. The increase in total revenues was partially offset by the unfavorable effect of changes in foreign currency exchange rates related to our revenue transactions denominated in currencies other than the United States dollar of approximately $62.8 million.

Onboard and other revenues included concession revenues of $140.4 million in 2012 compared to $133.7 million for the same period in 2011. The increase in concession revenues was due to an increase in spending on a per passenger basis and the increase in capacity mentioned above.

Net Yields increased 4.1% in 2012 compared to 2011 primarily due to an increase in ticket prices partially attributable to the deployment initiatives, an increase in Pullmanturs land-based tours, hotel and air packages revenue and to the changes to our international distribution system. Net Yields increased 5.7% in 2012 compared to 2011 on a Constant Currency basis.

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10qk
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