ADVFN - Advanced Financial Network.
HOME» NYSE » R » RCL Stock Price » RCL Stock News

Royal Caribbean Cr Share News

 Royal Caribbean Cruises Ltd. Stock Price
RCL Stock Price
 Royal Caribbean Cruises Ltd. Stock Chart
RCL Stock Chart
 Royal Caribbean Cruises Ltd. Stock News
RCL Stock News
 Royal Caribbean Cruises Ltd. Company Information
RCL Company Information
 Royal Caribbean Cruises Ltd. Stock Trades
RCL Stock Trades

Royal Caribbean 'Embarrassed' By Miscue, CEO Still 'Excited'

By Maxwell Murphy Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Royal Caribbean Cruises Ltd. (RCL) executives on Thursday said they were embarrassed by mistakes in accounting for interest expense that helped drive full-year guidance lower, but the chief executive said he was "more encouraged than ever" by its near-term prospects. "It still looks like this will be one of the best years in our history," Chief Executive Richard Fain said on a Thursday conference call to discuss second-quarter results. The No. 2 cruise operator to Carnival Corp. (CCL) reported results Wednesday evening, ahead of its prior plan to report Thursday morning, and provided so many new details that one analyst called it a "kitchen sink" press release. Shares of Royal Caribbean were recently off 8.2% at $32.82 apiece, having rebounded slightly from session lows. Carnival was down 1.9% at $34.32 per share. The interest-expense accounting error related to the amortization of certain financing fees, and caused the revision of some prior results and lower guidance for the rest of the year. The revision is a noncash item, and Fain said the team that made the error also found it and quickly reported it. Chief Financial Officer Brian Rice later said on the call that the company has enhanced its internal controls to prevent something like this happening in the future, and called it a "human error." Nonetheless, both he and Fain professed embarrassment over the error. Fain said its overall passenger yields will only fall 2% from its forecast from the beginning of the year, and he rhetorically asked what other industry could experience "such a plethora of challenges in one year" and only see such a small miss of expectations. He noted the tragedy in Japan, the mass murder in Norway and the political unrest in several countries bordering the Mediterranean, unrest that was worse than the company had expected and caused it to lower guidance further than the impact of the accounting error would have alone. Royal Caribbean also reinstated, at 10 cents a quarter, a dividend that it suspended due to economic turmoil in 2008. -By Maxwell Murphy, Dow Jones Newswires; 212-416-2171; maxwell.murphy@dowjones.com

Stock News for Royal Caribbean Cr (RCL)
DateTimeHeadline
04/29/201618:43:42Quarterly Report (10-q)
04/29/201612:20:00Royal Caribbean Results Lifted By Higher Onboard Spending
04/29/201608:09:46Current Report Filing (8-k)
04/29/201608:07:00Royal Caribbean Reports Significantly Higher First Quarter Earnings...
04/21/201612:38:00Royal Caribbean to Hold Conference Call on First Quarter 2016...
04/21/201611:07:00This Is Not A Sweepstakes, It's A Ticket To Adventure
04/13/201612:11:00Ovation Of The Seas Broadens Horizons With 11,000-Piece Art Collection...
04/12/201616:03:32Additional Proxy Soliciting Materials (definitive) (defa14a)
04/12/201610:02:00Royal Caribbean International Announces Godmother for Ovation...
04/11/201612:00:00Celebrity Cruises Brings Its Latest Onboard ‘A Taste of Film’ Cul...
04/08/201616:04:23Additional Proxy Soliciting Materials (definitive) (defa14a)
04/08/201616:02:41Proxy Statement (definitive) (def 14a)
04/08/201611:00:00Ovation of the Seas Joins Royal Caribbean International Family
04/06/201612:10:00MSC Cruises Plans $4.6 Billion Order of Up to Four More Ships
04/05/201609:00:00Celebrity Cruises Names New Chief Marketing Officer
03/31/201623:59:00Royal Caribbean Asks Genius Behind Boaty McBoatface To Help Name...
03/30/201611:20:00Carnival Profit Soars as Fuel Costs Slide
03/22/201612:30:00Global Stocks Lower After Brussels Explosions
03/22/201611:58:00Global Stocks Lower After Brussels Explosions
03/22/201610:52:00Global Stocks Lower After Brussels Explosions

Royal Caribbean Cr and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad