Royal Caribbean Cruises Ltd. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, total revenues were $2,004,467,000 against $1,909,603,000 a year ago. Operating Income were $307,349,000 against $296,842,000 a year ago. Net Income was $288,039,000 or $1.34 per diluted share against $261,086,000 or $1.21 per diluted share a year ago. Adjusted net income was $288,039,000 or $1.34 per diluted share against $264,658,000 or $1.23 per diluted share a year ago.

For the year, total revenues were $8,777,845,000 against $8,496,401,000 a year ago. Operating Income were $1,744,056,000 against $1,477,205,000 a year ago.
Net Income was $1,625,133,000 or $7.53 per diluted share against $1,283,388,000 or $5.93 per diluted share a year ago. Adjusted net income was $288,039,000 or $7.53 per diluted share against $264,658,000 or $6.08 per diluted share a year ago. Net cash provided by operating activities were $2,874,566,000 against $2,516,690,000 a year ago. Purchases of property and equipment were $564,138,000 against $2,494,363,000 a year ago.

For the year 2018, the company's adjusted earnings are expected to be in the range of $8.55 to $8.75 per share. Net yields are expected to increase 1.5% to 3.5% on a Constant-Currency basis (up 2.75% to 4.75% as-reported). NCC excluding Fuel per APCD are expected to be up 1.5% to 2.0% on a Constant-Currency basis (up 2.0% to 2.5% as-reported).

For the first quarter of 2018, the company expected adjusted EPS of approx. $0.95, net yields of approx. 5.5% (as-reported) and net yields of 3.0% to 3.5% (constant-currency basis). First quarter yields benefit from additional drydock days, the earlier timing of Easter and the year-over-year benefit from hardware changes.

Based upon current ship orders, projected capital expenditures for full year 2018, 2019, 2020, 2021 and 2022 are $3.4 billion, $2.1 billion, $2.5 billion, $2.5 billion and $2.9 billion, respectively. Capacity changes for 2018, 2019, 2020, 2021 and 2022 are expected to be 3.9%, 6.9%, 4.0%, 7.7% and 8.0%, respectively.

In regards to 2018 capacity, each of the company's brands will welcome a new ship into their fleet this year.