Royal Caribbean Cruises today announced that its third quarter profits were “beyond expectations”; however, the company warned of “dramatically changed booking environment” in recent weeks.

The company stated that lower than expected operating costs allowed record profit of $411 million or $1.92 per share, up from $1.84 a year ago.

“While we are pleased with our third quarter results, the operating environment has changed dramatically in recent weeks,” said Royal Caribbean International chairman and ceo Richard Fain. Royal Caribbean said there has been a significant deterioration recently in new bookings due to economic and financial turmoil. The company expects fourth quarter yields to decrease in the 4 to 5 percent range.

Read more about Royal Caribbean’s third quarter conference call at Royal Caribbean’s investor Website.