Royal Caribbean’s stock falls after wider-than-expected loss, but revenue beat forecasts

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Shares of Royal Caribbean Cruises Ltd. fell 1.5% in premarket trading Monday, after the cruise operator reported a wider-than-expected second-quarter loss, although revenue fell less than forecast as cruises remain suspended as a result of the COVID-19 pandemic. The net loss was $1.64 billion, or $7.83 a share, after net income of $472.8 million, or $2.25 a share, in they year-ago period. Excluding non-recurring items, such as a asset impairment loss of $156.5 million, the adjusted per-share loss was $6.13, compared with the FactSet loss consensus of $4.82. Revenue tumbled 93.7% to $175.6 million, but that beat the FactSet consensus of $47.4 million. The company said it expects cash burn, on average, of about $250 million to $290 million per month during a prolonged suspension of operations, compared with guidance provided in the first-quarter report of about $250 million to $275 million. The company said it had liquidity of $4.1 billion as of June 30. “We continue to take substantial actions to bolster our financial position,” said Chief Financial Officer Jason Liberty. “We have accessed the capital market in an opportunistic manner and continue to aggressively manage our spend.” The stock has dropped 61.0% year to date through Friday, while the S&P 500 has gained 3.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.