Royal Caribbean Beats Estimates, Announces Share Buyback Program

Royal Caribbean Cruises Ltd said it had net income of $228.8 million, or $1.03 per share, in the third quarter, down from $490.2 million or $2.19 per share, the same period last year. Adjusted earnings per share were $2.84, compared with Factset consensus of $2.71 for the quarter. Revenue was $2.5 bilion compared to $2.4 billion last year. FactSet consensus estimate was $2.5 billion. The cruise company annonced a $500 million share repurchase program, with plans to complete a $200 million transaction by Jan. 2016. The company also reported a non-cash imparment charge of $399.3 million tied to its Madrid-based Pullmantur Cruises, citing economic weaknesses in Latin America. Royal Caribbean shares are flat in pre-market trading.