Royal Caribbean result is Q2 record

More people cruising, and spending more on board, Miami-based line says

MIAMI — Royal Caribbean Cruises Ltd. posted better-thanexpected earnings in the second quarter boosted in part by strong consumer demand, higher onboard spending and cost savings.

The Miami-based cruise operator on Tuesday reported net income or profit of $369.5 million or $1.71 per share in the period compared with $229.9 million or $1.06 a share a year ago.

Revenue climbed to $2.2 billion from $2.1 billion in the 2016 quarter.

“Our brands are executing beautifully, keeping the business in an exceptionally strong position,” said Richard D. Fain, company chairman and CEO, in an earnings statement. “Strong close-in demand for cruises bolstered the quarter, and we see further uplift for the balance of the year.”

The company’s earnings per share of $1.71 in the quarter beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.67 per share. Quarterly revenue of $2.2 billion also surpassed analysts’ estimates of $2.19 billion, according to Zacks.

Royal Caribbean’s shares rose 3.36 percent to $116.87 in trading Tuesday on the New York Stock Exchange.

Looking to the rest of 2017, Royal Caribbean said the volume of cruises booked continue to set records. For the next 12 months, the volume of cruises booked remains strong and at higher rates compared to the same time last year.

“These demand trends and continued cost discipline have resulted in the highest second quarter earnings in company history and have put us in position for another record year,” said Jason T. Liberty, executive vice president and chief financial officer.

Fain