Royal Caribbean Up, Despite Dour Report

CHICAGO (TheStreet) -- Royal Caribbean(RCL Quote), while not necessarily a sinking ship, is at least a listing one, as it announced today that its third-quarter profit tumbled 44%.

And the cruise operator doesn't expect to right itself any time soon, predicting a loss in its fourth quarter.

Regardless, shares in the company are rising Wednesday morning, on the heels of the earnings announcement, up by more than 5.7% to $20.88. During the quarter, isn't worth noting, the company earned $230.4 million, or $1.07 a share, still better than the $1 a share analysts expected.

Revenue tumbled 17% to $1.76 billion, while net yields, an industry measure of revenue excluding certain fluctuation costs, fell 16.5%.

Looking ahead, the company expects to lose 5 cents a share in the fourth quarter, while earning 70 cents a share for the year.

Shares of the company are tanking by 6.4% to $19.35 in morning trading. P/>-- Reported by Jeanine Poggi in New York

Follow TheStreet.com on Twitter and become a fan on Facebook.