Royal Caribbean sails to $1.28B profit in 2016

Royal Caribbean sails to $1.28B profit in 2016

Royal Caribbean Cruises Ltd. posted record earnings in 2016, buoyed in part by higher ticket prices, increased onboard spending and cost savings, the cruise company said Thursday.

The Miami-based cruise operator generated net income or profit of $1.28 billion or $5.93 a share, versus $665.8 million, or $3.02 a share in 2015.

Revenue climbed to $8.5 billion in 2016, up 2.4 percent from the previous year.

For the fourth-quarter ended Dec. 31, Royal Caribbean generated profit of $261 million, or $1.21 a share, compared with $207 million, or 94 cents, for the same period in 2015. Quarterly revenue rose slightly to $1.91 billion from 1.9 billion in the prior year.

The cruise company’s adjusted earnings per share of $1.23 in the quarter beat analysts’ estimates of $1.22, but revenue fell short of the $1.96 billion forecast, according to Zacks Equity Research.

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