The Royal Caribbean ship Adventure of the Seas docks in Mexico in 2021. The company reported almost $14 billion in total revenue Thursday, on the back of strong demand and record-breaking bookings, a trend it expects to continue this year. File Photo by Heyder Castillo/EPA-EFE
Feb. 1 (UPI) — The Royal Caribbean Group reported almost $14 billion in total revenue Thursday, on the back of strong demand and record breaking bookings, a trend it expects to continue this year.
In the quarterly earnings report, Royal Caribbean Group president and CEO Jason Liberty said 2024 is poised to be another robust year for the company.
“2023 was an exceptional year, propelled by unmatched demand for our brands from new and loyal guests,” he said in a statement. “We expect to achieve two of our Trifecta goals one year early.”
Royal Caribbean Group reported an adjusted net income of $1.8 billion or $6.77 per share.
Royal Caribbean’s newest ship, the Icon of the Seas is the world’s largest cruise ship and was set to take its maiden voyage last weekend. The second largest ship is Royal Caribbean’s Wonder of the Seas, which measures 1,188 feet in length and has a gross tonnage of 235,600.
Argentinian soccer star Lionel Messi officially christened the $2 billion Icon of the Seas in January. It features 20 decks and can hold about 10,000 passengers and crew, according to the cruise line.
Moving through 2024, the company reported booked load rates higher than all prior years. The five best booking weeks of the company’s history have occurred since the last earnings call and the company is currently in a record booked position in both rate and volume, according to the report.
In 2023, Royal Caribbean recorded an adjusted net income of $0.3 billion or $1.25 per share for the fourth quarter of 2023 compared to adjusted net loss of $0.3 billion or $1.12 per share for the same period in the prior year.
The company expects that 2024 will continue to be strong as customers further shift toward experiences alongside travel destinations.
“We have exciting new vacation experiences in 2024, including the game changing Icon of the Seas, and have entered the year in a record booked position at significantly higher prices, further positioning us for a strong 2024,” Liberty said in a statement.
As of Dec. 31, the Group’s liquidity position was $3.1 billion. In 2023, according to Liberty, the company paid off approximately $4 billion of debt.
Capital expenditures for 2024 are expected to be approximately $3.3 billion and the company expects to take delivery of Utopia of the Seas and Silver Ray this year.