Royal Caribbean Cruises has withdrawn its outlook for the first quarter and all of 2020, given the uncertainty caused by coronavirus.
It has also boosted its credit line to prepare for the impact of the outbreak.
The moves come after the Richard Fain-led company in early February cut its 2020 earnings per share (EPS) guidance by $0.25 after cancelling nine cruises out of China by that time due to the Covid-19 outbreak.
That cut already amounted to a $52.4m drop in profit expectations across almost 210m shares outstanding.
The New York-listed cruise major said Tuesday it is "pursuing additional actions" to boost liquidity by at least a further $1.7bn this year, such as reducing capital spending and operating costs through 2021.
"These are extraordinary times and we are taking these steps to manage the company prudently and conservatively," chief executive Richard Fain said in a statement.
"I am proud of the work our teams are doing to address this unprecedented situation."
The Miami-based company had previously communicated that its 2020 guidance did not include the impact of the Covid-19 outbreak.
Taking out more credit
Miami-headquartered Royal Caribbean has also bolstered its revolving credit facility by another $550m to cover any virus-related costs.
Frank Del Rio-led Norwegian Cruises Line Holdings on Monday said it extended its credit by $675m to $1.55bn for the same reason.
Two weeks ago, Norwegian lowered its 2020 EPS guidance by $0.75, resulting in a $160m impact across nearly 213m shares outstanding.
Carnival sits tight
Arnold Donald-led Carnival plans to withhold taking further Covid-19-related actions for now, having temporarily suspended four ships in China through March and a Princess Cruises ship in Japan through late April.
"Because our ships are mobile, we are able to adjust our itineraries to other destinations around the world," he told TradeWinds.
"We updated our guidance in February to account for Covid-19 and we have our earnings call set for later this month."
Up before the opening bell
All three cruise behemoths' shares are up in pre-market trading in New York after taking huge losses Monday.
Carnival stock fell 20% Monday but was up 1.9% to $23.61 in pre-market trading Tuesday.
Royal Caribbean shares declined 26% Monday but has edged up 8.3% to $52.26 in the moments before the next trading day began.
Norwegian stock dropped 27% Monday but has gained 11.5% to $21.98 so far Tuesday.
