Royal Caribbean Cruises Ltd. (NYSE: RCL) reported second quarter 2015 results before markets opened Friday morning. For the quarter, the global cruise vacation company posted adjusted diluted earnings per share (EPS) of $0.84 on revenues of $2.06 billion. In the same period a year ago, the company reported EPS of $0.66 on revenues of $1.98 billion. Second-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.73 and $2.06 billion in revenues.

On the basis of net yields, which the company defines as net revenues per available passenger cruise days, came in slightly ahead of prior guidance, up 4.2% on a constant currency basis and down 0.2% on an as-reported basis. Cruise costs, excluding fuel, were up 3.4% on a constant currency basis and down 0.1% as reported.

For the full 2015 fiscal year net yields are forecast to rise in a range of 2.9% to 3.9% on a constant currency basis, or down 0.1% to 1.1% as reported. Net cruise costs, excluding fuel, are expected to be “better than flat” on a constant currency basis and down approximately 2.5% as reported. Adjusted EPS is forecast in a range of $4.65 to $4.75, up $0.15 from the mid-point of prior guidance. The increase is attributed to better currency exchange rates and fuel rates.

The consensus third quarter estimates call for EPS of $2.78 on revenues of $2.57 billion. For the full year analysts are looking for EPS of $4.61 on revenues of $8.42 billion.

CEO Richard D. Fain said:

The Double-Double [a company initiative announced in July 2014 that set targets to double per-share earnings by 2017 over 2014 levels as well as raise its return on invested capital by double digits] introduced demanding but achievable targets for our organization, and I am proud of our company’s focus on delivering this program. We continue to focus on the strength of our brands to drive these improving results.

Fuel costs in the second quarter totaled $202.57 million compared with $242.8 in the year-ago quarter. For the first half of 2015 fuel costs are running about $80 million below the same period in 2014.

Royal Caribbean’s traded up more than 8% in the first few minutes of trading on Friday at $89.56 after posting a new 52-week high of $90.88. The 52-week low is $52.32. The consensus price target on the stock is $87.00.

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