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Royal Caribbean misses quarterly revenue estimates -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Royal Caribbean’s Quantum of the Seas cruise boat is moored in Marina Bay Cruise Center following a positive passenger’s test for coronavirus infection (COVID-19), during a December 9th 2020 cruise to Singapore. REUTERS/Edgar Su/File Phot

(Reuters) – Royal Caribbean (NYSE) Group’s quarterly revenue estimates fell short of market expectations on Friday as more people remain cautious about taking off on cruises, fearful that COVID-19 will be contracted.

Since late June, cruise ships are sailing again from U.S. ports with mostly unvaccinated crew and guests. However, concerns have arisen about some of the onboard infections and the decline in COVID-19 infection rates that have prompted concern for the future health and viability of the sector.

Analysts believe that strong household savings and pent-up demand will help to boost the economy’s recovery. A full recovery of the cruise industry will require more time, as less than half of Americans are fully vaccinated. Also, ships operate at a lower occupancy rate.

According to Refinitiv, IBES, the total revenue for the third quarter ended September 30 was $457 million as compared with $567 million estimates.

Royal Caribbean had a net loss of $1.42billion in 2012, up from $1.35billion a year prior.

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