由于新硬件设施投入运营时间的推动，全年收益率的增长节奏符合预期。随着"海洋星际号"将于2025年 夏末投入运营，其载客率将随新游轮推广周期逐步攀升，进而推动收益增长。 该集团预计第二季度皇家加勒比集团运力预计同比增长6%，净收益按固定汇率计算预计同比2024年增 长4.3%至4.8%（按报告计算为4.4%至4.9%）。预计收益率的增长得益于所有关键产品以及船上消费的 健康需求，这些需求既来自新硬件设施，也来自与去年同期相比表现相当的现硬件设施。根据目前的燃 料定价、利率、汇率和上述因素，该公司预计第二季度调整后每股收益将在4.00美元至4.10美元之间。 基于第一季度强劲的营收表现，全年汇率利好以及燃油成本降低等因素，皇家加勒比集团上调2025年全 年预期，预计调整后每股收益将在14.55美元至15.55美元之间。 据财报披露，2025年第一季度，皇家加勒比集团"WAVE季"的预订创下历史新高。4月单月预订量亦超 去年同期水平，其中临近度假需求持续强劲。当前预订载客率达到往年同期水平，且价格更高。得益于 更高的参与度和定价，宾客船上消费和行前订消费均超过往年水平。"2025年的预订情况符合预期，订 单取消率处 ...

财报显示，第一季度，皇家加勒比运力同比增长3%，并接待了220万名游客，同比增长9%。同时， 2025年第一季度载客率为109%，净收益增长超过了公司的预期，主要得益于临近度假需求的强劲表现 推动了关键产品价格的上涨。 5月6日，皇家加勒比集团公布2025年第一季度财报，报告期内，公司总营收达40亿美元，净利润为7亿 美元，调整后净利润为7亿美元，调整后息税折旧摊销前利润为14亿美元。 图片来源：皇家加勒比 来源：北京日报客户端 记者：潘福达 如遇作品内容、版权等问题，请在相关文章刊发之日起30日内与本网联系。版权侵权联系电话：010-85202353 皇家加勒比方面表示，得益于临近度假需求的船票价格定价走高，以及计入时间调整导致成本较低，公 司业绩超出预期。基于第一季度营收表现，以及全年汇率利好以及燃油成本降低等因素，公司上调2025 年全年预期，预计调整后每股收益将在14.55美元至15.55美元之间。 随着国家移民管理局外国旅游团乘坐邮轮入境免签和进一步放宽优化外国人过境免签等政策的全面实 施，我国邮轮产业蓬勃发展，邮轮经济加速回暖。今年，蓝梦邮轮、爱达邮轮、东方国际邮轮、星旅远 洋邮轮等本土邮轮公司加 ...

Core Points - Royal Caribbean Group declared a quarterly dividend of $0.75 per common share, payable on July 3, 2025, to shareholders of record as of June 4, 2025 [1] Company Overview - Royal Caribbean Group is a leader in the vacation industry with a global fleet of 67 ships across five brands, serving millions of guests annually [2] - The company operates brands including Royal Caribbean, Celebrity Cruises, and Silversea, and is expanding its land-based vacation experiences [2] - Royal Caribbean Group holds a 50% joint venture interest in TUI Cruises, which operates German brands Mein Schiff and Hapag-Lloyd Cruises [2] - The company is known for its history of innovation and commitment to delivering exciting new products and guest experiences in leisure travel [2]

Core Insights - Royal Caribbean and Norwegian Cruise Line have shown contrasting financial performances, with Royal Caribbean reporting better-than-expected growth while Norwegian Cruise Line experienced declines [1][2]. Financial Performance - Royal Caribbean's revenue increased by 7% in the first quarter, with adjusted earnings soaring 57% to $2.71 per share, surpassing Wall Street expectations of $2.53 [3]. - In contrast, Norwegian Cruise Line's revenue declined by 3%, and adjusted earnings plummeted 56%, impacted by maintenance work and foreign exchange losses [4]. Key Metrics Comparison - Royal Caribbean's net yield was 4.7%, significantly higher than Norwegian Cruise Line's 1.2%. Additionally, Royal Caribbean's load factor was 109%, compared to NCL's 101.5% [5]. - Over the past four quarters, Royal Caribbean's net margin stood at 19.4%, more than double NCL's 9.1% [6]. Market Valuation - Royal Caribbean trades at a trailing P/E multiple of 19, while Norwegian Cruise Line trades at 10. The 2025 P/E for Royal Caribbean is 15 compared to NCL's 9, and for 2026, it is 13 versus NCL's 7 [9]. - Royal Caribbean's enterprise value is 4.9 times its trailing revenue, more than double NCL's 2.4 times, reflecting its historically superior growth rates and margins [9]. Stock Performance - Year-to-date, Royal Caribbean's stock is flat, while Norwegian Cruise Line is down 32%. Over one year, Royal Caribbean is up 67%, while NCL is up 8%. In three years, Royal Caribbean has gained 196%, whereas NCL is down 13%. Over five years, Royal Caribbean has increased by 464%, compared to NCL's 26% [10]. Investment Perspective - The analysis suggests that paying a premium for a superior operator like Royal Caribbean is justified, despite some arguments for Norwegian Cruise Line as a value play. The long-term prospects for the cruising industry remain promising [11].

这个"五一"，中产最爱的邮轮火起来了。 作为2025年上半年最后一个长假，今年"五一"文旅市场整体高涨。多家在线旅游平台提供的数据显示， 机票、酒店、门票预定情况均超过去年同期。去哪儿数据显示，不少打工人利用"请4休11"错峰晚回， 假期出行客流量一直持续到5月11日，长尾效应明显。 小长假也为以往较为小众的邮轮市场添了一把火。 据时代财经不完全统计，国内母港登船且出发日期在4月30日～5月5日的邮轮数量达8艘，容纳游客量总 计接近3万人。广州康辉国际旅行社提供的一组数据显示，截至4月25日，今年该社的邮轮旅游人次同比 增长30.2%；其中5月1日～2日出发人次同比增长约25.6%。 今年是中国邮轮市场全面恢复的第二年。与去年暑期邮轮价格大跳水相比，今年不少从业者普遍感觉到 市场没那么"腥风血雨"。 "经过2024年暑期，现在邮轮公司都学'聪明'了。"邮轮代理商李振感慨。 五一邮轮价格上涨，年轻人盯上拼房 离"五一"还有一周的时候，李振深夜仍在忙着给邮轮游的旅客值船。 5月1日，一艘皇家加勒比海洋光谱号从上海吴淞口国际邮轮港出发，邮轮公司要求游客须在开航前3天 完成在线值船，否则将影响船司报关。李振称，今年" ...

Financial Performance - Net Income attributable to Royal Caribbean Cruises Ltd. for Q1 2025 was $730 million, up from $360 million in Q1 2024, representing a 102.8% increase [154]. - Adjusted Net Income for Q1 2025 was $744 million, compared to $478 million in Q1 2024, reflecting a 55.7% increase [154]. - Total revenues increased by $271 million in Q1 2025 compared to Q1 2024, driven by higher capacity, ticket prices, and onboard spending [156]. - Total revenues for Q1 2025 increased by $271 million to $3.999 billion, up from $3.728 billion in Q1 2024 [170]. - Passenger ticket revenues rose by $202 million, or 7.9%, to $2.744 billion, accounting for 68.6% of total revenues in Q1 2025 [170]. - Onboard and other revenues increased by $69 million, or 5.8%, to $1.255 billion, representing 31.4% of total revenues in Q1 2025 [170]. - Operating income for Q1 2025 was $945 million, a 26% increase from $750 million in Q1 2024 [170]. - Adjusted EBITDA for Q1 2025 was $1.402 billion, compared to $1.174 billion in Q1 2024, marking a 19.4% increase [163]. - The company carried 2,241,673 passengers in Q1 2025, an increase from 2,054,382 passengers in Q1 2024 [163]. - The occupancy rate for Q1 2025 was 108.8%, up from 107.0% in Q1 2024 [163]. Cash Flow and Financing - Net cash provided by operating activities was $1.6 billion for Q1 2025, an increase of $0.3 billion compared to $1.3 billion in Q1 2024 [176]. - Net cash used in financing activities was $1.2 billion in Q1 2025, compared to $1.1 billion in Q1 2024, primarily due to dividend payments and treasury stock purchases [178]. - A cash dividend of $0.75 per share was declared during the quarter ended March 31, 2025, and paid in April 2025 [194]. - The company is in compliance with financial covenants as of March 31, 2025, and expects to remain compliant for at least the next twelve months [193]. - The company anticipates sufficient financial resources to fund obligations for at least the next twelve months, though future liquidity requirements remain uncertain [192]. Capital Expenditures and Investments - As of March 31, 2025, the aggregate expected cost of ships on order is $7.9 billion, with $1.0 billion already deposited [180]. - Total anticipated capital expenditures for 2025 are approximately $5 billion, primarily for existing ships on order and land-based destination initiatives [181]. - Material cash requirements total $12.31 billion through 2029, including $4.91 billion for interest on debt and $5.81 billion for ship purchase obligations [182]. - As of March 31, 2025, the company has $6.1 billion of committed financing for ships on order [189]. - Liquidity as of March 31, 2025, is $4.5 billion, comprising $0.4 billion in cash and cash equivalents and $4.1 billion in undrawn revolving credit facility capacity [190]. Strategic Goals - The company targets a 20% compound annual growth rate in Adjusted EPS by the end of 2027 under its Perfecta Program [151]. - The company aims for a Return on Invested Capital (ROIC) of 17% or higher by the end of 2027 [151]. - The company continuously considers opportunities for building additional ships and potential acquisitions, which would be financed through various means including additional debt [186]. - Approximately 36.5% of the aggregate ship costs are exposed to fluctuations in the Euro exchange rate as of March 31, 2025 [180]. Operational Highlights - Total cruise operating expenses rose by $23 million in Q1 2025 compared to the same period in 2024, primarily due to increased capacity [156]. - In February 2025, TUI Cruises, a 50% joint venture, took delivery of Mein Schiff Relax [156]. - In March 2025, the company completed an exchange of approximately $213 million in Convertible Senior Notes for about 3 million shares of common stock and $214 million in cash [156]. - Available Passenger Cruise Days (APCD) is used to evaluate capacity and revenue performance, excluding canceled cruise days [142]. - Constant Currency is monitored to assess revenue and expenses in relation to currency exchange rate fluctuations [143].

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $2.71 for the first quarter, which was $0.23 higher than guidance, driven by better revenue and favorable timing of expenses [10][21] - Yields grew by 5.6% in constant currency compared to the first quarter of 2024, exceeding initial guidance by 60 basis points [21] - Adjusted EBITDA margin was 35%, which is 360 basis points better than the previous year [22] Business Line Data and Key Metrics Changes - Bookings in the first quarter outpaced last year across all products, resulting in the best wave season in the company's history [10][11] - Onboard spending and pre-cruise purchases exceeded prior years, driven by increased participation in onboard activities and experiences at higher prices [11][12] - The Caribbean accounted for 57% of deployment this year and 49% of capacity in the second quarter [22] Market Data and Key Metrics Changes - The company expects capacity to grow by 5.5% in 2025, supported by the introduction of new ships [15] - Europe is projected to account for 15% of capacity for the year, while Alaska is expected to account for 6% [24] - The company reported that 7 out of 10 consumers intend to spend the same or more on leisure travel over the next twelve months [12] Company Strategy and Development Direction - The company is focused on delivering exceptional vacation experiences, optimizing revenue, managing costs, and executing long-term strategies [7][8] - The introduction of seven new ships over the next three years is expected to enhance customer experiences and drive growth [18] - The company aims for a 20% compound annual growth rate in adjusted earnings per share through 2027 [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged heightened uncertainty in the macro landscape but emphasized strong consumer demand for cruising experiences [6][7] - The company remains confident in its growth strategy and the opportunity to capture a larger share of the $2 trillion vacation market [7][15] - Recent booking trends and disciplined cost management position the company well for strong earnings growth despite macroeconomic uncertainties [15][28] Other Important Information - The company ended the quarter with $4.5 billion in liquidity and received an investment-grade credit rating upgrade from S&P Global Ratings [30][31] - The company repurchased 1 million shares under its $1 billion share repurchase program [31] Q&A Session Summary Question: Drivers of better than planned performance in Q1 - Management noted strong close-in demand and the ability to raise pricing during this period, alongside high-quality customers spending well on the ship [38][39] Question: Areas of guidance expansion due to macro backdrop - Management expanded guidance ranges to account for broader external factors while maintaining confidence in long-term growth strategies [46][48] Question: Pricing strategy for new ships and potential headwinds - New ships entering service later in the year may create a headwind due to lower average passenger cruise days initially [54][56] Question: Onboard spending and consumer behavior - Management indicated that consumer spending remains strong, with no significant trade-down behavior observed among loyalty program members [78][79] Question: Capital allocation and share repurchase strategy - The company is focused on maintaining a strong balance sheet while also returning capital to shareholders through dividends and share repurchases [92][94]

Core Viewpoint - Royal Caribbean Cruises Ltd. (RCL) reported mixed first-quarter 2025 results, with adjusted earnings exceeding expectations while revenues fell short, although both metrics showed year-over-year growth [1][3]. Financial Performance - Adjusted earnings per share (EPS) for Q1 2025 were $2.71, surpassing the Zacks Consensus Estimate of $2.53 by 7.1%, compared to $1.77 in the prior-year quarter [3]. - Quarterly revenues reached $4 billion, missing the consensus mark by 0.2%, but up 7.3% from $3.72 billion year-over-year [3]. - Passenger ticket revenues increased to $2.74 billion from $2.54 billion in the prior-year quarter, aligning with estimates [4]. - Onboard and other revenues rose to $1.26 billion from $1.19 billion year-over-year, exceeding estimates [4]. - Total cruise operating expenses were $2.08 billion, up 1.1% year-over-year, below estimates [4]. Cost and Yield Metrics - Net yields increased by 5.6% on a constant currency basis and 4.7% on a reported basis compared to Q1 2024 [5]. - Net cruise costs, excluding fuel, per Available Passenger Cruise Day (APCD) decreased by 0.1% on a constant currency basis and 0.3% on a reported basis year-over-year [5]. Balance Sheet and Cash Flow - As of March 31, 2025, cash and cash equivalents were $386 million, slightly down from $388 million at the end of 2024 [6]. - Long-term debt decreased to $17.99 billion from $18.47 billion at the end of 2024, with the current portion of long-term debt also declining [6]. Booking Trends - The company experienced strong booking trends during the WAVE season, with April bookings surpassing the same period last year [7]. - Customer deposits as of March 31, 2025, were $6.33 billion, up from $5.5 billion in the prior-year period [8]. Management Outlook - Management expressed optimism regarding ongoing consumer enthusiasm for new offerings, which is expected to drive yield growth throughout 2025 [9]. - For Q2 2025, the company anticipates adjusted EPS between $4 and $4.10, with net yields projected to increase by 4.4-4.9% on a reported basis [10][11]. - For the full year 2025, adjusted EPS is expected to be between $14.55 and $15.55, an increase from previous expectations [12].

Q1 2025 EARNINGS CALL This presentation includes certain adjusted financial measures defined as non-GAAP financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles, or U.S. GAAP. The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute f ...

Core Insights - Royal Caribbean reported $4 billion in revenue for Q1 2025, a year-over-year increase of 7.3% and an EPS of $2.71 compared to $1.77 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $4.01 billion, resulting in a surprise of -0.17%, while the EPS exceeded expectations by +7.11% [1] Financial Performance Metrics - Available Passenger Cruise Days (APCD) were reported at 12,657.99 days, slightly below the average estimate of 12,680.56 days [4] - Net Yields stood at $258.83, slightly above the average estimate of $257.86 [4] - The occupancy rate was 108.8%, exceeding the average estimate of 107.7% [4] - Passenger Cruise Days totaled 13,768.33 days, compared to the estimated 13,646.2 days [4] - Net Cruise Costs Excluding Fuel per APCD were $129.54, lower than the average estimate of $131.66 [4] - Net Cruise Costs per APCD were reported at $151.44, below the average estimate of $153.69 [4] - The number of passengers carried was 2.24 million, slightly above the average estimate of 2.23 million [4] - Onboard and other revenues reached $1.26 billion, matching the average estimate and reflecting a year-over-year change of +5.8% [4] - Passenger ticket revenues were $2.74 billion, consistent with the average estimate and representing an 8% year-over-year increase [4] Stock Performance - Royal Caribbean shares returned +5.3% over the past month, outperforming the Zacks S&P 500 composite, which changed by -0.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]