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Royal Caribbean Cruises Ltd. fell in early trading after the cruise operator reported fourth-quarter profit less than analysts had estimated, as weaker bookings and a stronger dollar hurt results.
Royal Caribbean declined as much as 6.5 percent to $76.52 at 8:12 a.m. New York time. The shares rose 74 percent last year. Earnings excluding one-time items were 32 cents, the Miami-based company said in a statement Thursday. That missed the 42-cent average of analyst estimates compiled by Bloomberg. Revenue of $1.82 billion trailed analyst expectations of $1.87 billion.
While the price of crude oil fell in world markets, the decline at the pump was slower, Royal Caribbean said. That expense, plus a strengthened dollar, reduced earnings by 7 cents a share since October, the company said.
Still, Royal Caribbean raised its 2015 profit forecast to $4.65 to $4.85 a share, from a prior view of $4.55, in part due to effect of lower fuel costs.
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This article was written by Bruce Rule from Bloomberg and was legally licensed through the NewsCred publisher network.