Royal Caribbean profit falls 44 pct in 3Q

November 03, 2009

Royal Caribbean Cruises Ltd. says the recession kept passengers from booking vacations on its cruise ships during the third quarter, which hurt profit and revenue.

But the cruise line owner also said reservations began picking up in mid-September, though at lower prices.

The company that operates Royal Caribbean International and Celebrity Cruises says it earned $230.4 million, or $1.07 per share, in the quarter that ended Sept. 30. That's down 44 percent from a year ago.

Revenue fell 17 percent to $1.76 billion.

Still, profit was better than expected. Wall Street analysts said Royal Caribbean, which is based in Miami, would earn $1 per share on revenue of $1.77 billion for the quarter.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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