World's second-largest cruise company Royal Caribbean Cruises (NYSE: RCL, OSE: RCL) has been under pressure in the aftermath of quarterly results presentation. The stock has slid from 200 NOK to Friday close of 167.20 in two days. RCL lowered full year guidance to EPS within a range of $2.85 to $2.95 (15.35 to 15.90 NOK at current exchange rate). Management had identified an error in previous accounting treatment in amortization of some financing fees; this shaved of a little bit from past financial statements as well.
The report did contain some positives as well, particularly the reinstallation of quarterly dividend. RCL says that most product groups are performing very well. Eastern Mediterranean is the region with most problems. RCL's costs are also comings down.
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