Royal Caribbean Q1 Profit Misses Street; Lifts FY14 Adj. EPS View - Quick Facts

(RTTNews) - Royal Caribbean Cruises Ltd. (RCL) reported a sharp fall in its first-quarter 2014 results and slightly raised its outlook for full year 2014.

For the quarter, net income, on a US GAAP basis, plummeted to $26.5 million or $0.12 per share, from $76.2 million or $0.35 per share in 2013. As per adjusted basis, quarterly net income amounted to $46.1 million, or $0.21 per share. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.28 for the quarter. Analysts' estimates typically exclude one-time items.

Three-month total revenues dropped year-over-year to $1.89 billion, from $1.91 billion, matching consensus estimates of $1.89 billion.

The company said its first-quarter results were at the lower end of its guidance due to some minor voyage disruptions but this impact is expected to be offset during the rest of the year.

For the full year, Royal Caribbean has increased its adjusted EPS guidance slightly to a range of $3.25 - $3.45 from $3.20 - $3.40. Analysts project earnings of $3.36 per share for 2014. Constant-Currency Net Revenue Yields and Net Cruise Costs excluding fuel are likely to be consistent with its prior guidance of up 2% to 3% and flat to slightly down, respectively.