Royal Caribbean Group has lifted its outlook for 2023 based on higher-than-expected revenue for the first quarter and the belief that revenue will come in strong for the rest of the year off vigorous demand.

Revenue for the first three months of the year came in at $2.89bn, up 63% from what the New York-listed owner collected in the same quarter of 2022.

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“We knew that demand for our business was strong and strengthening, but we have been pleasantly surprised with how swiftly demand further accelerated well above historical trends and at higher rates,” chief executive Jason Liberty said in a statement.

The Miami-based owner’s bottom line for this period also exceeded company expectations with a net loss of $47.9m, which is lightyears away from the $1.17bn net deficit that it recorded a year earlier.

Adjusted net loss for the first quarter was $58.9m versus an adjusted net loss of $1.16bn a year ago, resulting in an adjusted loss per share that also beat the owner’s expectations.

Royal Caribbean registered a $0.23 adjusted loss per share for the first quarter, which the industry calls the benchmark “wave” season, to surpass an expected loss per share that ranged from $0.65 to $0.85.

It also blew away analyst expectations of a $0.70 loss per share for the quarter and a year-ago loss per share of $4.57.

Accordingly, Royal Caribbean raised its adjusted earnings-per-share guidance for the entire year to between $4.40 to $4.80 from between $3 and 3.60.

“These results were significantly better than the company’s guidance primarily due to strong close-in bookings at higher prices, continued strength of onboard spend, and favourable timing of operating costs,” the company said in a statement.

“Booking volumes in the first quarter were significantly higher than the corresponding period in 2019 and were considerably better than expected.”

Royal Caribbean’s customer deposit balance at the end of the first quarter was a “record” $5.3bn, the company said.

The owner expects adjusted earnings per share for the second quarter to range between $1.50 to $1.60 to beat the $2.05 loss per share posted in the same quarter in 2022.