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    Royal Caribbean says 2Q net rose; fixes accounting

    AP – Wed, Jul 27, 2011

    MIAMI (AP) — Cruise operator Royal Caribbean Cruises Ltd. said on Wednesday that an accounting error would reduce its full-year profit guidance, although its second-quarter net income rose and the company reinstated a quarterly dividend.

    Royal Caribbean earned $93.5 million, or 43 cents per share, for the quarter that ended June 30. That was up from $53.7 million, or 25 cents per share, during the same period a year earlier.

    Revenue rose 10.3 percent to $1.77 billion.

    The company said it would have earned 47 cents per share without the accounting revision. Analysts surveyed by FactSet were expecting net income of 44 cents per share on revenue of $1.8 billion.

    The company reduced its prior guidance for the full year by 10 cents per share, not counting the accounting change. That would give it a 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.

    It also predicted third-quarter earnings per share of $1.85 to $1.90. Analysts had been expecting $2.06 per share.

    It said capacity would rise 6.3 percent for the third quarter and 7.6 percent for the year.

    The company said it revised its past financial statements, but did not restate its prior earnings, and said they could still be relied upon. The issue was its accounting treatment of interest expense for amortizing financing fees.

    Royal Caribbean said the turmoil in the Eastern Mediterranean — presumably Egypt and Libya — has caused pricing to fall on cruises in that area. Its profits are still growing thanks to other markets that "are performing exceptionally well," and cost-cutting, the company said.

    Not counting fuel and currency fluctuations, costs were flat, the company said.

    Royal Caribbean said it would pay a dividend of 10 cents per share on Aug. 30 to shareholders of record on Aug. 12. It had dropped a 15-cents-per-share dividend in November 2008 to preserve cash.

    Shares had fallen 80 cents, or 2.2 percent, to close at $35.76 before the results were released. They fell another $1.48, or 4.1 percent, to $34.28 in aftermarket trading.

     

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