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Reply #53: Royal Caribbean 1Q Profit Sinks [View All]

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citizen snips Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-01-07 04:16 PM
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53. Royal Caribbean 1Q Profit Sinks
MIAMI (AP) -- Royal Caribbean Cruises Ltd., the world's second-largest cruise line, said Tuesday its first-quarter profit sank 92 percent from the year-ago period, mainly because of higher cruise operating expenses and its acquisition of Spanish cruise and tour operator Pullmantur.

Net income sagged to $8.8 million, or 4 cents per share, for the three months ended March 31 versus $119.5 million, or 55 cents per share, in the prior year.

Analysts polled by Thomson Financial expected earnings of 6 cents per share.

The company said Pullmantur's business is highly seasonal with very strong summer months but very weak winter months. It also included a two-month lag in Pullmantur's results. The changes hurt its first-quarter earnings, with Royal Caribbean saying it will also affect second-quarter results.

more...
http://biz.yahoo.com/ap/070501/earns_royal_caribbean.html?.v=5
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