Royal Caribbean Cruises Ltd. (RCCL), the world’s second largest cruise shipping group, has reported full year 2012 results and provided an initial outlook for 2013.
For the fourth quarter 2012, the group reported net income before impairment charges of $21.1 million, or $0.10 per share, versus income of $36.6 million, or $0.17 per share, in the fourth quarter of 2011. The fersh figure was above the average of $0.06 per share forecast by analysts in New York and Oslo. During the quarter the company recorded non-cash impairment charges totaling $413.9 million related to the company's Pullmantur brand.
Full year 2012 net income before impairment charges was $432.2 million, or $1.97 per share, versus income of $607.4 million, or $2.77 per share for full year 2011. Net Yields increased 3.0% on a Constant-Currency basis; 1.5% As-reported. NCC excluding fuel increased 4.2% on a Constant-Currency basis; 2.7% As-Reported.
Approximately 240 basis points of the Net Yield improvement and approximately 350 basis points of the NCC excluding fuel increases for the year relate to previously announced deployment initiatives and changes to the company's international distribution system. The company does not anticipate meaningful influences on yields or NCC measurements from changes in deployment or international distribution in 2013.