Why Royal Caribbean Cruises Stock Just Dropped 4.5%

After falling nearly 6% earlier today, shares of cruise line operator Royal Caribbean Cruises (NYSE: RCL) are down 4.5% in early afternoon trading. The reason: Its earnings.

Analysts expected the company to lose $0.44 per share ( pro forma) on sales of just over $2 billion in an abbreviated first quarter that saw the company's fleet confined to quarters under an industrywide, CDC-issued no-sail order. Instead, Royal Caribbean reported a bigger loss -- $1.48, adjusted for "a non-cash asset impairment loss."

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