Royal Caribbean Group has seen the 2024 wave period exceed its initial expectations with the five best wave booking weeks in the company’s history all occurring since the beginning of this year

Since its most recent update on its Q4 2023 earnings call, RCG has seen bookings perform “significantly higher” than during the same period last year, with the back half of the year up by more than the front half.

For 2024, all four of the group’s quarters and all key products are booked ahead of the same time last year in both rate and volume, with consumer spending for onboard purchases continuing to exceed prior years driven by greater participation at higher prices.

“Since our last earnings call, robust demand for our vacation experiences has significantly exceeded our initial expectations,” said Jason Liberty, president and CEO of Royal Caribbean.

“As a result, we are increasing our 2024 guidance on stronger revenue outlook, and we expect to achieve all Trifecta goals in 2024.

“Trifecta marks an important milestone as we remain intensely focused on delivering a lifetime of vacations and priceless memories for our guests while delivering exceptional long-term shareholder value.”

Royal Caribbean Group orders seventh Oasis class ship

As a result of the strong wave season, the company is increasing its 2024 Adjusted EPS guidance by $0.40 compared to its February guidance.

For the full year, Adjusted EPS is now expected to be $9.90 to $10.10 driven by an increase in constant currency net yield growth of approximately 100 bps compared to the February guidance.

It comes after the group entered into an agreement with French shipbuilder Chantiers de l’Atlantique to order a seventh Oasis class ship.

Slated to join the Royal Caribbean fleet in 2028, the vessel follows RCG’s recent introduction of three new ships including Silver Nova, Celebrity Ascent and Icon of the Seas.