Royal Caribbean's Stock Surges After Profit Beat, Raised Outlook

Royal Caribbean Cruises Ltd.'s stock surged 3.9% in premarket trade Friday, after the cruise ship operator beat first-quarter profit expectations and raised its full-year outlook. Earnings in the latest quarter rose to $99.1 million, or 46 cents a share, from $45.2 million, or 20 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at 57 cents, above the FactSet consensus of 32 cents. Revenue increased to $1.92 billion from $1.82 billion, topping the FactSet consensus of $1.91 billion, with passenger ticket revenue matching expectations while onboard and other revenue beat estimates. For 2016, the company raised its adjusted EPS outlook to a range of $6.15 to $6.35 from $5.90 to $6.10. The stock has tumbled 25% year to date through Thursday, while the S&P 500 has gained 1.6%.