Royal Caribbean Cruises cautioned earlier this week that higher fuel prices and the swine flu will reduce its full-year earnings, in addition to increased interest expenses and foreign currency adjustments.

Royal Caribbean's previous earnings guidance was $1.35 per share, with a 10-cent reduction for every 10 percent increase in fuel prices. The company said that fuel has gone up 45 percent since its guidance in April, but that hedging and fuel cost management has mitigated the impact to a reduction of only $0.12 per share at today's prices.

The impact of the swine flu outbreak is expected to reduce full-year earnings by 22 cents per share. In addition, according to Royal Caribbean, interest on its recently offered $250 million of six-year senior notes is expected to increase expenses by approximately $0.05 for the year. That was before the company announced its $300 million senior notes offering, expected to be issued on July 7.

Foreign currency adjustments are expected to have a negative impact on so-called other income and expenses to the tune of $0.10 for the second quarter. The full-year earnings consensus is now $1.10.

In its second quarter conference call on June 18, Carnival Corporation reduced its earnings guidance to $2.00 to $2.10 from $2.10 to $2.30. The consensus is $2.07.