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By Ananya Mariam Rajesh and Doyinsola Oladipo
(Reuters) -Royal Caribbean lifted its annual profit forecast on Tuesday for the fourth time this year, driven by strong demand at higher prices for its voyages to private destinations, as well as its European and Alaskan vacations.
Cruise operators have signaled that revenge travel - which boosted bookings following the pandemic lockdowns - has now been replaced by a growing shift among travelers to seek sea-based vacations.
The company's shares rose about 1.3% in choppy morning trade, set to add to the 57% gain this year through Monday close.
Royal Caribbean said demand for 2025 was strong, with booked load factors in line with prior years and at higher rates.
Brokerage William Blair expects the company to see a healthy 20% profit growth in 2025. "Investors recognize that Royal Caribbean has evolved into a more consistent, higher-return business," analyst Sharon Zackfia said.
That is in part because the Silversea Cruises operator has led the industry in investing millions of dollars into amusement park-like private destinations that boost ticket revenue.
Royal Caribbean expects 2024 adjusted earnings per share of $11.57 to $11.62, compared with its earlier expectation of between $11.35 and $11.45.
"Our exceptional third-quarter results and increased full-year expectations reflect the robust demand for our differentiated vacation experiences," Royal Caribbean Group CEO Jason Liberty said.
The company posted third-quarter adjusted earnings per share of $5.20, compared with analysts' estimate of $5.03. Total revenue rose nearly 18% to $4.89 billion in the quarter, compared with an estimate of $4.90 billion.
Royal Caribbean warned of a hit from Hurricane Milton and forecast fourth-quarter profit below estimates.
In early October, Royal Caribbean and rival Carnival Corp adjusted their itineraries in the Atlantic region ahead of Hurricane Milton.
Royal Caribbean forecast fourth-quarter adjusted profit per share between $1.40 and $1.45, compared to analysts' average estimate of $1.58, according to data compiled by LSEG.
(Reporting by Ananya Mariam Rajesh in Bengaluru and Doyinsola Oladipo in New York; Editing by Pooja Desai and Sriraj Kalluvila)
