(RTTNews) - Cruise line operator Royal Caribbean Cruises Ltd. (RCL: News ), on Tuesday reported a decline in profit for the third quarter, hurt by a drop in revenues from last year, mainly due to pricing pressure on its softer fall season sailings. Earnings came in well ahead of Street estimates, while revenues fell short of expectations. Citing a weak economy in Florida, the company said it expects to report a loss for the fourth quarter. Royal Caribbean also indicated earnings outlook for full year 2009 to come in at the lower end of its previous forecast.

The Miami, Florida-based company's net income for the third quarter declined to $230.40 million or $1.07 per share from $411.89 million or $1.92 per share in the year-ago quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to earn $1.00 per share for the quarter. Analysts' estimates typically exclude one-time charges and gains.

In the sequentially preceding quarter, Royal Caribbean posted a net loss of $35.09 million or $0.16 per share, compared to net income of $84.75 million or $0.40 per share in the prior-year quarter.

Revenues for the recent third quarter dropped to $1.76 billion from $2.06 billion in the same quarter last year, shy of analysts' consensus revenue estimate of $1.77 billion for the quarter.

For the preceding second quarter, Royal Caribbean's revenues decreased to $1.35 billion from $1.58 billion in the same quarter last year.
Passenger ticket revenues for the third quarter decreased to $1.27 billion from $1.50 billion in the prior-year quarter, and onboard and other revenues were $492.93 million, lower than $565.17 million in the year-ago quarter

Operating income for the quarter dropped to $306.84 million from $461.91 million in the prior-year quarter. Total cruise operating expenses were $1.11 billion, down from $1.27 billion in the year-ago quarter, including fuel expenses of $146.25 million, sharply lower than $207.27 million a year ago.

Richard Fain, chairman and chief executive officer, Royal Caribbean said, "Like many other travel companies, we saw more strength than we expected during our peak season but have been experiencing more pricing pressure on some of our traditionally softer fall season sailings."

Occupancy for the quarter contracted to 105.4% from 107.8%, while passenger cruise days increased to 7.54 million from 7.48 million in the year ago quarter. Available passenger cruise days or APCD, rose to 7.15 million from 6.94 million in the prior-year quarter.

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