RCCL posts better-than-expected revenue, net income in Q3

Royal Caribbean Cruises said better-than-expected revenue and net income during the third quarter of 2007 was mainly due to stronger late bookings that drove better yields.

The cruise company boosted its net income during the third quarter 14% to $395 million; revenues increased 19.4% to $2 million.

Net yields in the third quarter increased by 4.1%; net cruise cots per available passenger cruise days increased 6.7%. Fuel prices were up 7.1%, the company said.

RCCL CEO Richard Fain said that, looking towards the fourth quarter, "we are encouraged by the strength of our late-season European itineraries, and the continuing recovery in the Caribbean pricing environment." RCCL said it expected net yields to rise 9% in the fourth quarter compared with fourth quarter 2006.

The company also said that booking levels and ticket prices were "up nicely" for first quarter 2008 compared with the same period in 2007.

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