- Wednesday, October 16, 2024
Royal Caribbean, Carnival, and Norwegian Cruise Line, three leading cruise operators, saw a boost in their stock prices during premarket trading, thanks to a surge in demand for voyages. Royal Caribbean's stock rose significantly by 8.3% to reach $109.25, while Carnival witnessed a 4.7% increase to $18.48 per share. Similarly, Norwegian Cruise Line experienced a 4.9% rise, with its stock now valued at $21.79.
These cruise lines have already been performing exceptionally well throughout the year. Even prior to the recent surge, shares of Royal Caribbean and Carnival had doubled in 2023, and Norwegian stock had seen a growth of around 70% thus far.
Royal Caribbean spearheaded this premarket rally by raising its full-year adjusted profit outlook. The company now expects its earnings per share to be between $6.00 and $6.20, surpassing its previous guidance of $4.40 to $4.80 per share.
According to Chief Executive Jason Liberty, the demand for cruising and the company's brands is exceptionally strong. He stated, "We have observed a significant increase in booking volumes and pricing, indicating that the demand for sailings this year is exceeding our own expectations." Furthermore, Royal Caribbean revealed that bookings for 2024 have skyrocketed and are recording record prices. Demand from North American consumers remains robust, with booking volumes from Europeans also on the rise.
Overall, the cruise industry is experiencing a reinvigorated interest from passengers, leading to positive market performance for these companies.
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