Shares of Royal Caribbean Group RCL, +2.28% slipped 0.4% in premarket trading Monday, after the cruise operator swung to a narrower-than-expected loss but reported revenue that tumbled more than forecast, as cruises remain suspended given the COVID-19 pandemic. The net loss was $1.37 billion, or $6.09 a share, after net income of $273.1 million, or $1.30 a share, in the year-ago period. Excluding nonrecurring items, the company swung to an adjusted loss per share of $5.02 from EPS of $1.42, beating the FactSet consensus for a per-share loss of $5.20. Revenue dropped 98.6% to $34.14 million from $2.52 billion, below the FactSet consensus of $35.6 million, as a miss in passenger ticket revenue offset a beat in onboard and other revenue. The company affirmed its guidance for average monthly cash burn of $250 million to $290 million during a prolonged suspension of operations. “We are encouraged to see the sharp decline in cases and the growing availability of vaccines,” said Chief Executive Richard Fain. “We can’t wait to get back to the business of showing people the world and making great memories.” The company expects to restart cruises in a “phased manner.” The stock has gained 8.7% over the past three months through Friday, while the S&P 500 SPX, -0.55% has advanced 9.8%.
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