Royal Caribbean 3Q net income beats Street
Royal Caribbean 3rd-quartenr net income edges down but beats expectations
MIAMI (AP) -- Royal Caribbean's third-quarter net income dipped slightly, though cost cuts and rising ticket revenue helped it beat Wall Street expectations.
The world's second largest cruise operator also lifted its outlook and shares jumped 6 percent in morning trading.
Net income for the three months ended Sept. 30 edged down to $365.7 million, or $1.65 per share, from $367.8 million, or $1.68 per share. Excluding restructuring and other charges, net income totaled $1.71 per share. Analysts expected $1.65 per share, according to FactSet.
Revenue rose 4 percent to $2.31 billion from $2.23 billion last year, edging out the $2.29 billion projection from Wall Street.
Royal Caribbean Cruises Ltd., based in Miami, expects fourth-quarter adjusted net income of 15 to 20 cents per share and profit of $2.30 to $2.35 per share for the year, from prior guidance of $2.20 to $2.30 per share.
Analysts expect net income of 15 cents per share and $2.28 per share, respectively.
Company shares rose $2.53 to $42.28 in early trading.
