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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