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Royal Caribbean Group reports on 2020 results and provides business update

Royal Caribbean Group (NYSE: RCL) reported financial results for the fiscal year of 2020 and commented on the business considering the global COVID-19 pandemic. Total revenues fell from USD 10.9 billion in 2019 to USD 2.2 billion in 2020. US GAAP net loss ended at USD 5.8 billion compared to a net income of USD 1.9 billion in 2019.

"The COVID-19 pandemic is having a painful and profound impact on our world and our business; unquestionably, this crisis is the most difficult in the Company's history. But we have been impressed and grateful for the resourcefulness and agility of our team in responding to these unprecedented challenges. More importantly, we remain confident about the ability of our Company to recover and return to the positive trajectory we were on previously," said Richard D. Fain, Chairman and CEO. "We are encouraged to see the sharp decline in cases and the growing availability of vaccines. We can't wait to get back to the business of showing people the world and making great memories."

Full Year 2020 results:
As part of the global containment effort resulting from the COVID-19 pandemic, the Company implemented a voluntary suspension of its cruise operations beginning March 13, 2020, which has been extended for most ships through at least April 30, 2021.

For the full year, the Company reported US GAAP Net Loss of USD 5.8 billion compared to US GAAP Net Income of USD 1.9 billion in the prior year. The Company also reported Adjusted Net Loss of USD 3.9 billion for full year 2020 compared to Adjusted Net Income of USD 2.0 billion in the prior year. Total revenues fell from USD 10.9 billion in 2019 to USD 2.2 billion in 2020.

Fourth Quarter 2020 results:
US GAAP Net Loss for the fourth quarter was USD 1.4 billion and Adjusted Net Loss was USD 1.1 billion. Last year, US GAAP Net Income was USD 273.1 million, and Adjusted Net Income was USD 297.4 million for the fourth quarter.

The Net Loss and Adjusted Net Loss for the fourth quarter and full year of 2020 are the result of the impact of the COVID-19 pandemic on the business.

"These results reflect the staggering impact that the pandemic brought to our Company and the whole industry during 2020," said Jason T. Liberty, executive vice president and CFO. "I want to thank all our teams who have risen to the occasion, managing through the toughest year in Royal Caribbean's history."

Full report here 

Feb 22 2021

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