Carnival Falls on Lower Guidance
June 25 2018 - 11:00AM
Dow Jones News
By Francesca Fontana
Carnival Corp. (CCL), the world's largest cruise ship operator,
released its second-quarter financial results before the market
opened Monday. Here's what you need to know.
PROFIT: The Miami-based company reported earnings of $561
million, or 78 cents a share, compared to $379 million, or 52 cents
a share, a year earlier. On an adjusted basis, the company earned
68 cents a share, compared to 52 cents a share a year earlier.
REVENUE: The company reported revenue of $4.36 billion, up
10.4%.
CRUISE COSTS: Carnival said that gross cruise costs including
fuel per available lower berth day increased 8.2% during the
quarter. In constant currency, the company's net cruise costs
excluding fuel per available lower berth day increased 3.6%,
beating March guidance of 4% to 5%.
LOWERED GUIDANCE: Carnival lowered its guidance for the year,
forecasting adjusted earnings of $4.15 to $4.25 a share, compared
to last quarter's estimates of $4.20 to $4.40 a share. For the
third quarter, Carnival expects changing fuel prices and currency
exchange rates to decrease earnings by 6 cents a share compared to
the prior year.
Shares fell 9.5% to $57.49 Monday morning. The stock is down 13%
so far this year.
Write to Francesca Fontana at francesca.fontana@wsj.com
(END) Dow Jones Newswires
June 25, 2018 10:45 ET (14:45 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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