Shares of Royal Caribbean Group
RCL,
-1.31%
fell 1.7% in premarket trading Wednesday, putting them on track for a seventh straight loss, after the cruise operator reported a wider-than-expected second-quarter loss and revenue that fell well below expectations, as cash burn increased from the previous quarter as additional ships returned into operation. Net losses narrowed to $1.35 billion, or $5.29 a share, from $1.64 billion, or $7.83 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss was $5.06, wider than the FactSet loss consensus of $4.35. Total revenue fell 71.0% to $50.91 million, missing the FactSet consensus of $152.4 million, as both passenger ticket and onboard revenue fell well below expectations. The average monthly cash burn rate was $330 million, up from the sequential first quarter's $300 million. New bookings received during the second quarter was about 50% more than the first quarter, with trends improving each month. "After 16 months of being at a virtual standstill and another painful financial result this quarter, the flywheel is clearly picking up momentum," said Chief Executive Richard Fain. The stock has dropped 11.3% over the past three months through Tuesday, while the S&P 500
SPX,
+0.82%
has gained 6.2%.