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Royal Caribbean Q3 Results Up, Helped By Caribbean RecoveryOctober 23, 2007 By: Travel Agent Central Contributor Travel Agent
Royal Caribbean International announced record net income for the third quarter of 2007 with $395 million, which was largely attributed to stronger late bookings and healthier pricing in the Caribbean. Though high fuel costs are still an industry-wide concern, Richard Fain, Royal Caribbean International's chairman and CEO, said the results "augur well for upcoming periods." According to Robin Farley, leisure and gaming analyst with UBS, Royal Caribbean's stout earnings were bolstered by an improved Caribbean pricing climate. "On a positive note," she said, "RCL did corroborate Carnival Cruise Lines comments about increased confidence in the market with a stabilizing Caribbean booking environment and strengthening close-in bookings." Looking forward, Royal Caribbean said "booking levels and ticket prices are up nicely in the first quarter 2008 versus levels achieved at the same time last year." (DE)