Royal Caribbean Cruises Ltd. shares are down 6.5% in premarket trading after the cruise company offers guidance below Street estimates. The company had net income of $206.8 million, or 94 cents per share, for the fourth quarter of 2015, up from $70 million, or 32 cents per share, for the same period last year. The FactSet consensus was 92 cents. Revenue for the quarter totaled $1.9 billion versus $1.82 billion last year. The FactSet consensus was $1.95 billion. Royal Caribbean expects first quarter 2016 adjusted earnings to be 30 cents per share, below the 46 cents per share forecast by FactSet. The company said first quarter earnings will be impacted by costs associated with its expansion in China, perparatory costs for its new Ovation of the Seas and Harmony of the Seas ships, and new marketing campaigns. "As a result, costs are more concentrated than usual in the first quarter," the earnings release said. Royal Caribbean shares are down 14.1% for the past three months while the S&P 500 is down 7.8% for that period.
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