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Royal Caribbean (NYSE:RCL) Is Still The Top Performing Cruise Line Stock Amid COVID-19 Challenges

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Royal Caribbean (NYSE:RCL) is one of the cruise line stocks that have arguably held better during the coronavirus pandemic compared to the likes of Norwegian Cruise Line Holding (NYSE:NCLH) and Carnival (NYSE:CCL) (NYSE:CUK).

Royal Caribbean stock almost doubled since March

The company’s stock has more than doubled since the mid-March selloff and it’s the only cruise line stock that is not trading below 70% from its 52-week high. The company reported its Q1 results on Wednesday which offered more insight to investors to decide on if it is still the best performing stock in the ailing travel specialty industry.

The company shuttered its operations back in March as the coronavirus pandemic brought most sectors into a halt. In the first three months of 2020, the company’s revenue dropped by 17% to around $2 billion. Royal Caribbean posted a profit last year and but it now posted a loss of $1.4 billion or a net loss of $310.4 million in Q1. However the challenges experienced could soon be over because the industry was gaining momentum before coronavirus hit.

Royal Caribbean enhancing its cash position

The company now focuses on how to get back to profitability with the company estimating a monthly cash burn rate of around $250 million to $275 million during this period of extended shuttering of services. As of the end of April the company’s liquidity was $2.3 billion. earlier this week the company finalized a $3.3 billion offering of senior secured notes  which will boost its liquidity with an extra $1 billion.

Bookings for the rest of 2020 are still low at prices that are somewhat lower relative to last year. Because of uncertainty it has become hard for fans to book short-term gateways. The company will be looking for bookings for next year which are still within the historical range. However bookings are not made with new cash as round 55% of passengers opting for future credit instead of a refund.  Sign-up below to stay on top of critical updates for $RCL and other fast-moving stocks.

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