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Royal Caribbean Cruises Ltd (NYSE: RCL) has reduced its 2016 EPS guidance by $0.20 at the midpoint. FX headwinds, macroeconomic pressures and rising fuel costs could impact the company’s performance in the coming quarters, Argus’s John Staszak said in a report. He downgraded the rating on Royal Caribbean from Buy to Hold.
Royal Caribbean had reported its Q2 EPS at $1.09, representing almost 30 percent growth and beating the consensus estimate of $1.02. The upside was driven marginally higher net yields and lower fuel costs. Revenue came in at $2.1 billion, representing 2.3 percent y/y growth, but missing the consensus estimate of $53 million.
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Expectations Reduced
Royal Caribbean lowered its 2016 EPS guidance from $6.15-$6.35 to $6.00-$6.10, versus the consensus estimate of $6.21. “The reduced guidance assumes higher fuel costs and foreign exchange headwinds, offset in part by the better-than-expected 2Q earnings,” analyst Staszak wrote.
Management estimated that the pound depreciation, following the Brexit vote, would adversely impact 2016 EPS by $0.14. Management also raised its constant-dollar net yields projection from an increase of 2.5-4.0 percent to 4.0-4.5 percent, reflecting the deconsolidation of the Pullmantur Group. Moreover, the company expects net cruise costs, excluding fuel and special items, to be up 1 percent.
Staszak reduced its EPS estimates for 2016 and 2017 from $6.40 to $6.15 and from $7.40 to $7.10, respectively.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.