(Reuters) – Royal Caribbean Group beat third-quarter revenue estimates on Thursday, benefiting from bookings and strong onboard spending as cruise travel rebounds after a pandemic-led pause.
The company’s shares, down 35.4% this year, rose about 1% in premarket trading.
Cruise operators such as Royal Caribbean that have relaxed COVID-19 protocols on board are now witnessing an increase in bookings from well-to-do customers, who are feeling a smaller pinch from effects of decades-high inflation.
The cruise operator’s revenue soared to $2.99 billion for the third quarter from $456.96 million a year earlier.
Analysts on average had expected revenue of $2.97 billion, according to IBES data from Refinitiv.
The company posted net income of $32.97 million, or 13 cents per share, for the quarter ended Sept. 30, compared with a loss of $1.42 billion, or $5.59 per share, a year earlier.
(Reporting by Granth Vanaik in Bengaluru; Editing by Maju Samuel)