By Austen Hufford 

Cruise operator Carnival Corp. posted higher revenue and profit in its fourth quarter but said low fuel prices, which have boosted results of late, likely would increase in the coming year.

Carnival, which is dual-listed in the U.S. and the U.K., has benefited in recent quarters from low fuel prices, higher prices and strong bookings. It said higher fuel prices for the next year would raise its fuel expenses by $200 million.

Shares rose 1.9% in morning trading.

For the fiscal year ending next November, the Miami-based company expects adjusted earnings per share at $3.30 to $3.60. Analysts had expected $3.69.

The company cited the "unusual and significant impact of fuel and currency working against us simultaneously."

It expects the higher fuel costs to take 27 cents a share off its earnings and currency rates to shave off 16 cents a share.

For the current quarter, the company forecast per-share earnings of 31 to 35 cents. Analysts polled by Thomson Reuters expect per-share profit of 41 cents.

The company, which operates Carnival Cruise Lines as well as the Princess, Cunard and Holland America lines, said bookings for the first three quarter of 2017 are running higher than the year-earlier period at higher prices.

For the period ended Nov. 30, Carnival reported a profit of $609 million, or 83 cents a share, up from $270 million, or 35 cents a share, a year earlier. Excluding fuel-hedging effects and other items, per-share earnings rose to 67 cents from 50 cents. Analysts expected earnings of 58 cents a share.

Revenue increased 6% to $3.94 billion.

Write to Austen Hufford at austen.hufford@wsj.com

 

(END) Dow Jones Newswires

December 20, 2016 10:53 ET (15:53 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Carnival (NYSE:CUK)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Carnival Charts.
Carnival (NYSE:CUK)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Carnival Charts.