Sluggish results see Royal Caribbean lower guidance

Sluggish results see Royal Caribbean lower guidance

Royal Caribbean has reported a net profit of $93.5 million, or 43 cents per share, for the three months to June 30th - up from $53.7 million a year earlier.

However, the cruise line reduced full year guidance on profits, while an accounting error led to a further reduction.

Royal Caribbean reduced prior guidance for the full year by ten cents per share, not counting the accounting change.

That would give the line full-year profit of $3.05 to $3.15 per share.

Analysts were expecting a profit of $3.16 per share.

With the accounting change, the company now expects to earn $2.85 to $2.95 per share.

Royal Caribbean turmoil in the Eastern Mediterranean — including Egypt, Tunisia and Libya — has caused pricing to fall on cruises in that area.

Revenue rose 10.3 per cent to $1.77 billion.

Royal Caribbean said it would pay a dividend of ten cents per share on August 30th.