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TheStreet Open House

Royal Caribbean Soars on Outlook

Royal Caribbean's solid report and stellar forecast echoed that of Carnival's recent performance.

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Last month Carnival also cruised past earnings expectations with strong double-digit profit gains, and forecast stronger bookings and yields for the remainder of 2010 and into 2011.

>>Carnival Sails on Earnings Beat, Forecast

The operator of Carnival and Princess cruise ship lines said booking volumes for the remainder of 2010 and the first half 2011 are running ahead of the prior year at prices in line with prior year levels.

Carnival CEO Micky Arison expects "revenue yields to continue to improve in 2011 and beyond as the economy regains its footing."

Carnival raised its earnings guidance for the year to a range of $2.48 a share and $2.52 a share, up from its prior guidance for earnings of $2.25 to $2.35. The revised outlook tops analysts' consensus call for 2010 earnings of $2.36 per share.

Carnival shares were 6.1% higher ahead of midday Tuesday. The Vanguard Consumer Discretionary (VCR) and iShares Dow Jones U.S. Consumer Services Sector Index Fund (IYC), exchange-traded funds that count Royal Caribbean and Carnival among their holdings, both traded up as well, gaining 0.5% and 0.6%, respectively.

-- Written by Miriam Marcus Reimer in New York.



>To contact the writer of this article, click here: Miriam Reimer.

>To follow the writer on Twitter, go to http://twitter.com/miriamsmarket.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
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