Royal Caribbean Group

RCL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$394.00	Wlbvjn	Vjbggncz

Royal Caribbean: Continued Demand Momentum Lifts 2024 Outlook Higher As Travel Appetite Persists

Jaime M Katz

Feb 22, 2024

Narrow-moat Royal Caribbean continues to find upside in consumer demand, benefiting from the brand’s ability to capitalize on customer preferences. A mere three weeks ago, the firm offered its initial 2024 outlook, calling for EPS of $9.50-$9.70, a roughly 40% increase over 2023 results. On Feb. 21, Royal lifted its already-robust earnings per share forecast to $9.90-$10.10 for 2024. Notably, this is above prepandemic EPS and will represent a record result if achieved, despite more than $800 million in incremental interest expense and 70 million more diluted shares outstanding versus 2019.

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