• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

RCL 4Q09 "YOUTUBE"


TRENDS & OUTLOOK

  • "Looking forward to 2010, the year is looking much stronger than many thought possible only a short time ago. We're expecting good yield growth despite a continued poor economy. Wave season's off to a strong start with good volume and even higher pricing. While we are also not seeing a dramatic run-up in pricing, our numbers demonstrate a slow but steady improvement in our revenue environment, consistent with a slow but steady improvement in the economy. This improving environment combined with continued focus on cost will be meaningfully accretive to earnings this year."
  • "It's encouraging to note that our yield guidance would still be positive for 2010 even if we excluded the Oasis- and Solstice-class ships."
  • 4Q09 "Ticket revenue benefited from stronger-than-expected close-in bookings, and even onboard revenue was slightly stronger than we had forecasted."
  • "Wave season is off to a promising start. Each of the last three weeks have generated record booking volumes for us at pricing that is running ahead of the same time last year. Clearly, we are not back to pre-recession demand level, but we are pleased to see yield recovery underway. As of today, our booked load factor and average net per diem are ahead of the same time last year for all four quarters and the full year."
  • "We currently expect yields to improve around 2% in the first quarter and between 3% and 6% for the full year."
  • "We once again had healthy close-in demand for our cruises in both Europe and the Caribbean. In general, volume was a bit better than what we thought at the time of our previous earnings call. Our onboard revenue also performed better than we had planned driven by shore acts [ph], gaming and onboard communications. And expenses were slightly under where we thought they would be driven by our focus on costs."
  • "In the Caribbean, we've continue to see close-in bookings for the first quarter. Some of this closed-in business is being driven with discounting. But overall, Caribbean pricing remains consistent with our expectations a few months ago."
  • "This summer's European season is looking very strong for Celebrity. Both Equinox, operating 10- and 11-night Med cruises from Rome, and Eclipse, our first ship dedicated to U.K. market operating summer cruises from Southampton, are performing well at very healthy prices. I'm pleased to say bookings are also performing quite well on our non-Solstice-class ships operating in Europe."
  • SG&A? "Cost on a reported basis will be flat to slightly up. And when you factor in base exchange rates, it'll actually be flat to slightly down next year."
  • "I think the Spanish economy continues to be likely the weakest that we are operating in these days. But I think we are feeling that Pullmantur has an opportunity of yield accretion in 2010."