Shares of cruise company Royal Caribbean, which decreased by 57% since the beginning of the year, rose for the last quarter and closed with an increase of 10% to $ 57.31 per share on Monday after the publication of the financial results of the second quarter.
Investor`s optimism is based on Royal Caribbean management’s statements about the strong financial situation and encouraging news about the demand for cruise reservations for 2021.
Some bookings are tours postponed due to the pandemic, but most – more than 60% – are new orders received from mid-May.
Royal Caribbean CEO Richard Fain said in an interview with CNBC that the company received these results without any marketing efforts, due to the fact that people are looking to return to the rest, after a long period of isolation.
Since March, in terms of quarantine measures cruise companies had to repeatedly postpone their plans to resume flights. Currently, most of cruise operators say they do not expect to resume flights at least until October 31.
According to the results of the second fiscal quarter, Royal Caribbean reported a loss per share of $ 6.13, which was worse than analysts’ expectations, $ 4.82 loss per share. The total quarterly losses amounted to $ 1.6 billion.
At the same time, quarterly revenues amounted to $ 175.6 million, which is more than more than the analytical forecast of $ 43.5 million.
In the current context of “freezing the industry” and basing all ships in ports, Royal Caribbean reported that its monthly spending averaged between $ 250 million and $ 290 million, but this did not include reimbursement of customer deposits planned by debt repayment commissions, but it does not include compensation for customer deposits of planned commissions of debt and expected revenue from new orders.
The company announced approximately $ 4.1 billion in the form of cash and cash equivalents, which means that Royal Caribbean has liquidity, sufficient to withstand the potentially continuing situation of low income or lack of it.
CFO of Royal Caribbean, Jason Liberty said that the company is looking for ways to reduce the consumption of resources and assesses the possibility of selling vehicles for improving their financial situation.
CEO Richard Fein added: “We have a very clear idea of what our monthly losses are, and we are taking steps to continually improve our liquidity.”
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