Royal Caribbean Tops Wall Street Expectations For 4th Qtr.
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MIAMI (CBSMiami/AP) — Miami-based Royal Caribbean Cruises Ltd. topped Wall Street's expectations for the fourth quarter.
On Tuesday, the cruise line reported fourth-quarter net income of $206.8 million with a net income of 94 cents on a per-share basis. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.
The cruise operator posted revenue of $1.9 billion in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $1.95 billion.
For the year, the company reported profit of $665.8 million, or $3.02 per share. Revenue was reported as $8.3 billion.
For the current quarter ending in April, Royal Caribbean expects its per-share earnings to be 30 cents.
The company expects full-year earnings in the range of $5.90 to $6.10 per share.
Royal Caribbean shares have decreased 16 percent since the beginning of the year. The stock has increased 12 percent in the last 12 months.
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