By Tess Stynes
Carnival Corp. (CCL) raised its quarterly dividend 20%, a move
the cruise ship company's chief executive, Arnold Donald,
attributed to its strong cash flow.
Miami-based Carnival's quarterly payout to shareholders will
rise to 30 cents a share, an increase of a nickel a share, to yield
2.3%. The raised dividend is payable to shareholders as of Aug.
21.
In a news release Thursday, Mr. Donald said the higher dividend
reflects the company's cash flow from operations approaching $4
billion this year.
The cruise ship company is dual-listed in the U.S. and Britain.
Holders of Carnival Corp. common stock and American depositary
shares of Carnival PLC will receive the dividend payable in U.S.
dollars. Holders of Carnival PLC common shares can opt to receive
the dividend in dollars or British pounds.
Last month Carnival reported that earnings in its most recent
quarter more than doubled on growth in a key revenue metric and
lower-than-expected cruise costs.
The company, which operates Carnival Cruise Lines, among others,
has benefited in recent quarters from broad-based booking strength
and firmer pricing.
Write to Tess Stynes at tess.stynes@wsj.com
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