Royal Caribbean Cruise Line Announce Improved Second Quarter EarningsRoyal Caribbean Cruises announced improved earnings for the second quarter of 2010.
“What a difference a year makes. It is gratifying to post another solid quarter with improvement in yields and strong cost control,” said Richard D. Fain, chairman and chief executive officer. “Despite ongoing uncertainty with the economy, our profitability continues to improve and our booking environment continues to be remarkably stable. We remain focused on strengthening our financial position and I am encouraged about the tremendous global response to our brands.” .
The cruise line saw its shares go up 9 percent in early trading on Thursday.
Royal’s revenue climbed 18 percent and its net yield, a measure of occupancy, climbed 4.9 percent.
“Demand for our cruises remains on track with our earlier projections,” said Brian J. Rice, executive vice president and chief financial officer. Rice continued, “The strengthening of the US Dollar will clearly result in a reduction of our reported yields, but also provides a corresponding reduction in expenses. Most importantly, our continued focus on cost controls and efficiency is driving improved earnings.”
In addition, the cruise line’s costs fell 2.78 percent.
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