Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) today announced earnings for the first quarter of 2010 and provided guidance for the second quarter and full year 2010.

Key Highlights

• First quarter 2010 net income increased to $87.4 million, or $0.40 per share, compared to a net loss of $36.2 million, or ($0.17) per share in the first quarter of 2009.  The results included a $0.39 per share gain from a previously announced legal settlement. 

• Net Yields for the first quarter of 2010 increased 2.6% - versus guidance of approximately 2%. 

• Net Cruise Costs per APCD ("NCC") for the first quarter of 2010 decreased 2.2% - better than expectations of approximately flat.

• Second quarter 2010 Net Yields are expected to improve approximately 6%, and for the full year 2010, Net Yields are forecasted to improve 4% to 5% due to improved business conditions offset by negative currency movements and the impact of the recent European travel disruptions.

• NCC excluding fuel are expected to be down approximately 1% for the second quarter and for the full year 2010.

• Initial estimates for the recent travel disruptions in Europe are a reduction in earnings per share (EPS) of less than $0.05 and this adjustment is reflected in the EPS guidance the company is providing. 

• EPS for the full year 2010 is expected to be in the range of $2.15 to $2.25.  Second quarter 2010 EPS is expected to be in the range of $0.16 to $0.21.