July 24--Bargain prices in the Caribbean didn't drag down earnings for Royal Caribbean Cruises in the second quarter.
The Miami-based cruise operator said Thursday that higher prices than expected for cruises in Europe and China drive positive results for the three-month period that ended June 30.
Revenue increased to $1.98 billion from $1.88 billion the previous year, though that number just missed Wall Street expectations. Costs excluding fuel were down more than 4 percent, and net income jumped to $137.7 million from $24.7 million a year earlier.
Onboard spending, especially on popular items such as drink packages and internet service, increased 3 percent.
The company raised its forecast for the full year from $3.25-$3.45 per share to $3.40-$3.50.
Royal Caribbean Cruises owns several brands in the United States and Europe, including Royal Caribbean International, Celebrity Cruises, Azamara Club Cruises, Pullmantur and CDF Croisieres de France.
(c)2014 The Miami Herald
Visit The Miami Herald at www.miamiherald.com
Distributed by MCT Information Services