When Carnival Corp. (NYSE: CCL) released its fiscal first-quarter financial results before the markets opened on Tuesday, the cruise ship operator said that it had $0.49 in earnings per share (EPS) and $4.67 in revenue. That compares with consensus estimates of $0.44 in EPS and $4.31 billion in revenue, as well as the $0.52 per share and $4.23 billion reported in the same period of last year.

During the most recent quarter, gross cruise costs including fuel per available lower berth day (ALBD) increased 8.6%. In constant currency, net cruise costs excluding fuel per ALBD increased 0.9%, better than December guidance of up approximately 2.0%, mainly due to the timing of expenses between quarters.

It’s worth noting that in this time, Carnival Cruise Line was named the Best Ocean Cruise Line in the annual USA Today 10 Best Readers’ Choice Awards, and Carnival was named by Forbes as one of America’s best employers for diversity for its outstanding commitment to diversity and inclusion.

Looking ahead to the 2019 full year, the firm expects to see revenues increasing 5.5% and EPS in the range of $4.35 to $4.55. Consensus estimates call for $4.78 in EPS and $19.7 billion in revenue for the year.

Arnold Donald, president and CEO, commented:

First quarter earnings included revenue growth from higher capacity and improved onboard spending, offset by the timing of cost increases and a drag from fuel price and currency compared to the prior year. First quarter adjusted earnings were better than the mid-point of December guidance by $0.07 per share.

Shares of Carnival were last seen down about 8% at $52.20, in a 52-week range of $45.64 to $67.69. The consensus price target is $66.42.

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