Royal Caribbean 1Q profit sails past expectations

NEW YORK - Royal Caribbean, the world's second largest cruise line, posted a 62 percent jump in first-quarter profit on strong ticket revenue and cost controls.

The results sailed past Wall Street expectations and shares are up 5 percent in premarket trading.

In the year-ago period many vacationers shied away from cruises following the sinking of the Costa Concordia, owned by rival cruise line Carnival Corp.

Net income rose to $76.2 million, or 35 cents per share, from $47 million, or 21 cents per share, a year ago. Revenue rose to $1.91 billion from $1.83 billion. Analysts had expected earnings of 19 cents per share.

Bookings so far this year are up 5 percent. Royal Caribbean says bookings from North America remain strong except for a bit of a drop in Caribbean demand, which it links to bad press from problems with Carnival ships.